RBI okays Avenir Investment RSC stake buy in Sammaan Capital and notes control change in Sammaan Finserve with Alwyn Dinesh Crasta as director and strict NBFC conditions.
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The Reserve Bank of India (RBI) has approved the acquisition of a 66.65% stake in Sammaan Capital Ltd by Avenir Investment RSC Ltd on Tuesday, March 24, according to a regulatory communication.
The approval also takes on record the resulting indirect change in control of Sammaan Finserve Ltd, which will follow the stake acquisition in its parent entity.
Avenir Investment RSC Ltd, an Abu Dhabi-based special purpose vehicle, is a subsidiary of International Holding Company (IHC).
As part of the approval, the RBI has cleared the appointment of Alwyn Dinesh Crasta as a director in the company’s management for a period of up to five years. The regulator has also granted a complete waiver on the requirement for issuing a public notice related to the transaction, according to official statement.
The RBI has, however, laid down several conditions, including that the non-banking financial company (NBFC) must ensure that no other group entity undertakes unauthorised NBFC activities. It reiterated that the company is not permitted to raise public deposits and must comply with all applicable regulatory directions issued from time to time.
The approval is subject to compliance with the RBI’s 2025 directions on acquisition of shareholding and governance for NBFCs, along with provisions under the Companies Act, 2013, and the Foreign Exchange Management Act, 1999.
The regulator added that the transaction must be completed within one year, failing which the approval will lapse. Any subsequent increase in Avenir Investment’s stake to 26% or more will require prior RBI approval.
The central bank also noted that it reserves the right to impose additional conditions or withdraw the approval if any adverse information emerges regarding the acquirer or the appointed director.
Shares of Sammaan Capital Ltd ended higher on Tuesday, March 24, by 6.55% at 138.51 on the NSE.
