From left: Anchal Dhir and Kaushik Mukherjee
Cyril Amarchand Mangaldas (CAM), AZB & Partners and CMS IndusLaw have worked on a proposed INR88.5 billion (USD1 billion) purchase of a 43.46% controlling stake in India-listed Sammaan Capital by global investment International Holding Company PJSC (IHC) through an Abu Dhabi-based affiliate.
“This is a very unique and significant transaction in this space and underscores the long-term potential of India’s financial sector,” said Anchal Dhir, lead partner for the CAM transaction team.
Partners Dhir and Anshu Choudhary led the team, with the support of senior associates Aman Deep Borthakur, Varun Kannan, and associates Nisha Nahata, Geetika Kaura and Coral Shah.
CMS IndusLaw counselled non-banking financial company (NBFC) Sammaan Capital on vendor legal due diligence and the preparation of the disclosure letter.
The transaction team comprised partners Kaushik Mukherjee and Siddharth Manchanda, counsel Kanika Sachdeva, principal associate Anupam Choudhary, senior associates Spandan Saxena and Aditya G, and associate Yash Chhikara.
“This isn’t just any financial investment transaction but a strategic masterstroke by the investor – a move that is poised to propel Sammaan Capital’s next phase of growth in India, as we understand,” said Mukherjee, lead partner from CMS IndusLaw.
“IHC’s billion-dollar investment in Sammaan Capital is a powerful validation of the Indian mortgage story, signalling global confidence in the nation’s foundational housing finance sector. It was a great experience working with Sammaan Capital and other teams involved in the transaction, which required careful navigation through multiple and complex regulatory frameworks.”
AZB & Partners acted as Indian legal counsel to Avenir Investment RSC, the Abu Dhabi-based affiliate of IHC.
Sammaan Capital is a leading mortgage-focused NBFC in India. The transaction is one of the largest cross-border investments in India’s NBFC sector in 2025. It also marks IHC’s entry into the Indian financial services market and represents the largest-yet primary capital infusion by an investor into an NBFC in India.
On completion of the transaction, Avenir will acquire and assume control of Sammaan Capital and will be designated as its promoter. Under the share subscription agreement, Avenir is also required to make a mandatory open offer to the public shareholders of Sammaan Capital.
Jefferies India acted as the investment banker to Sammaan Capital. Citigroup Global Markets India acted as manager to the open offer for Avenir Investment RSC. Ernst & Young undertook the vendor financial due diligence on Sammaan Capital.
