Sammaan Capital shares hogged the limelight in trade on Tuesday, November 4, as the world’s largest asset manager, BlackRock Inc., raised its stake in the company to above 5% via open market transactions.
According to an exchange filing, BlackRock acquired 3,875,983 shares of Sammaan Capital, representing a 0.47% stake, via the open market on Friday, October 31.
With this transaction, BlackRock Inc.’s stake in the housing finance company jumped to 5.33% or 44,291,365 shares. Prior to the stake purchase, BlackRock owned 40,415,382 shares, representing a 4.86% stake in the company.
The hike in holding comes as Abu Dhabi-based International Holding Company (IHC) seeks to acquire a 43.46% stake in the HFC for ₹8,850 crore ($1 billion). Recently, IHC sought the fair trade regulator CCI’s nod to acquire a stake in the company.
IHC, through its affiliate Avenir Investment RSC Ltd, is acquiring the stake in Sammaan Capital. The company has already received shareholder approval for the proposed stake sale.
Sammaan Capital, formerly known as Indiabulls Housing Finance, will be raising the capital by issuing preferential shares to Avenir. IHC will foray into the financial services sector in India through the largest ever primary capital infusion by an investor in a non-bank financial company in the country.
“Joining the IHC Group opens new horizons for us. The alignment in our aspirations is deeply encouraging, and we believe our experienced and dynamic team will drive the next phase of growth with renewed energy and purpose,” Gagan Banga, CEO and Managing Director of Sammaan Capital, said.
Sammaan Capital share price trend
Sammaan Capital shares traded over 1% lower on Tuesday amid weakness in the Indian stock market. The BSE barometer Sensex was down 0.30% in intraday trade.
The financial company’s stock hit the day’s high of ₹192.15 and a low of ₹187.35. As of 12.25 pm, Sammaan Capital stock was trading at ₹187.55, down 1.24%.
For the year, Samman Capital shares have gained 32% and are up 57% on a half-yearly basis.
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