Sammaan Capital Gets Board Nod to Raise ₹2,500 Crore Via QIP

Sammaan Capital Ltd, previously known as Indiabulls Housing, has announced its plan to raise ₹2,500 crore through qualified institutions placements (QIPs). The proposal was approved during a board meeting held on December 11, 2024, and will require shareholder authorisation at an extraordinary general meeting (EGM) scheduled for January 3, 2025.

Details of the Fundraising Initiative

The board meeting, which took place on Wednesday from 3:30 PM to 4:30 PM, authorised the issuance of equity shares worth ₹2,500 crores or its equivalent in other currencies. This capital raise is aimed at enhancing the company’s financial capabilities through one or more QIPs. The EGM in January will finalise shareholder consent for this move, setting the stage for the company’s next financial leap.

Rebranding to Sammaan Capital

The company, formerly known as Indiabulls Housing, rebranded itself as Sammaan Capital on July 26, 2024. The new name signifies a fresh identity for the firm as it continues its operations in the financial sector.

Previous Fundraising Activities

In August 2024, the board approved a resolution to raise up to ₹30,000 crore through nonconvertible debentures. This was structured as a private placement and marked a significant step in diversifying the firm’s capital-raising efforts.

Sammaan Capital Share Performance

As of December 12, 2024, 12:10 PM, the shares of Sammaan Capital Ltd. are trading at   ₹163.58 per share with a decline of 2.55% from its previous day’s closing price. Over the last month, the stock has seen a surge of 18.32%. The stock has a 52-week high and 52-week low of ₹209.43 per share and ₹130.69 per share respectively.

Conclusion

Sammaan Capital’s ₹2,500 crore fundraising initiative represents a strategic financial move. With the EGM scheduled for January 2025, the company is preparing to implement its latest plan while ensuring compliance with shareholder approval.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.