Abu Dhabi-based International Holding Company PJSC, the most valuable holding company in West Asia, has entered into definitive agreements to acquire a controlling 41.2% stake in Sammaan Capital — formerly known as IndiaBulls Housing Finance Ltd — for `8,850 crore (around $1 billion) through its affiliate, Avenir Investment RSC LTD.

The transaction marks IHC’s foray into the financial services sector in India and represents the largest ever primary capital infusion by an investor in an Indian non-bank financial company.

As part of the transaction, IHC will invest through a preferential allotment of equity shares and warrants at `139 per share. The transaction will trigger a mandatory open offer for the purchase of an additional 26.0% stake in the company on an expanded capital basis.

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