International Holding Company (IHC), a leading Abu-Dhabi based global investment company is investing Rs 8,850 cr ($1 Bn) into Sammaan.
- Transaction comprises of
- 33 cr equity shares at Rs 139/ share (18% discount to previous day’s price) aggregating to Rs 4,587 crore; and
- 30.7 cr warrants, convertible into equity shares, for Rs 4,263 crore.
- Above two will get 41.2% stake into the Company on a fully diluted basis.
- Currently 98.1% of the Company is held by institutions (30.4%) and public (67.7%) and balance 1.9% by the employee trust.
- Transaction will trigger a mandatory open offer for purchase of additional 26.0% of the Company at a price of Rs 139/ share. IHC’s final stake therefore will vary between 41.2%Â and 67.2%.
IHC will be classified as the Promoter of Sammaan Capital post the investment.