The board of Sammaan Capital, previously known as Indiabulls Housing Finance, has approved a qualified institutional placement of shares worth up to Rs 2,500 crore, and will be seeking the approval of shareholders on January 3, 2025 via an extraordinary general meeting, the company informed exchanges on December 11.
"the Board of Directors of the Company at its meeting held on Wednesday, December 11, discussed and authorized the raising of funds, through issue of equity shares, up to an aggregate amount of Rs 2,500 crore, through one or more Qualified Institutions Placements," a statement by the company said.
Shares of Sammaan Capital were higher by 1.3% on December 11, and the company has a market capitalisation of over Rs 12,400 crore.
During the September quarter earnings call, Sammaan said it has been using capital 'tactically', and been done 'very prudently to make sure that the ratios improve'. Track Sammaan Capital's results here.
"The management is tooled with being able to accelerate on whatever rundown of the legacy book we have to achieve," Gagan Banga, vice chairman and MD said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
