New Delhi, March 25 The Reserve Bank has approved the proposed acquisition of a controlling stake in Sammaan Capital Ltd by a subsidiary of Abu Dhabi-based International Holding Company.
The acquisition by Avenir Investment RSC Ltd also includes the indirect change in control of the wholly-owned subsidiary, Sammaan Finserve Ltd.
As part of the transaction, Avenir Investment will inject Rs 8,850 crore through a preferential equity issue, for an initial stake of 41.23 per cent, which could increase to 63.36 per cent upon completion of the open offer, Sammaan Capital said in a regulatory filing.
With this key regulatory clearance in place, the transaction now awaits final approval from SEBI, while both parties continue to work towards its timely completion, it said.
The RBI has also allowed the company and Sammaan Finserve's request for waiver of the public notice period, it added.
