A major cross-border deal is underway as Abu Dhabi's International Holding Company will invest about ₹8,850 crore to acquire a 43.5 per cent stake in Sammaan Capital, formerly Indiabulls Housing, making IHC the company's key promoter and granting it control over board appointments.

Sammaan Capital, a publicly listed non-bank financial company specialising in mortgage lending, will issue 330 million equity shares and 306.7 million convertible warrants to Avenir Investment, an IHC affiliate, at ₹139 each. The transaction will trigger an open offer to existing shareholders in line with Indian securities regulations, allowing IHC to potentially raise its holding to as much as 63.4 per cent on a fully diluted basis.

Already reeling under investor concerns, Sammaan's share price dipped by up to 6 per cent on the announcement, the biggest one-day fall since mid-2025. Analyst Vinit Bolinjkar of Ventura Securities flagged that the deal is structured at an approximate 18 per cent discount to the prior trading price, raising scrutiny over valuation and dilution risk for existing shareholders.

At the management level, Sammaan's vice-chairman and managing director, Gagan Banga, outlined ambition to convert the firm into a full-service financial player, extending beyond housing finance to a broader credit suite. He emphasised that IHC's backing brings superior access to capital, technology, and scale. From IHC's perspective, Chief Executive Syed Basar Shueb affirmed that India is a“core strategic market”, and the $1 billion infusion reflects confidence in the long-term dynamics of India's financial sector and the potential of AI-driven lending.

IHC, a diversified Abu Dhabi investment conglomerate with roots dating to 1999, boasts over 1,300 subsidiaries across sectors such as healthcare, real estate, financial services and technology. Its chairman is Sheikh Tahnoon bin Zayed Al Nahyan, who also serves as UAE's national security adviser.

Sammaan operates through 220 branches across more than 150 towns and cities, with over 4,430 employees. Over its 25-year history, it claims to have disbursed over $19 billion in home loans to more than 680,000 families and extended $9.5 billion in mortgage-backed credit to more than 100,000 small businesses.

The business environment in India's housing finance segment, estimated at ₹33 trillion, is projected to more than double by fiscal 2030, driven by urbanisation, affordability and government housing initiatives.

Regulatory clearance is pending from the Reserve Bank of India, the Competition Commission of India, and other customary authorities. The success and speed of those approvals will be key in determining whether IHC's strategic plans for Sammaan gain traction without delay.

The significance of this investment is magnified by its scale: this stands as one of the largest single capital infusions by a foreign investor into an Indian NBFC to date. Experts suggest the move signals a turning point in cross-border capital into India's financial services domain, especially as global investors eye credit growth and inclusion in emerging markets.

Some market watchers remain cautious: the steep valuation discount and dilution risks to minority investors are seen as potential flashpoints. Meanwhile, Sammaan will need to deliver on its expansion and diversification promises while maintaining asset quality under new leadership.

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