S&R Associates advised on International Holding Company PJSC's INR 88.5 billion (USD 1 billion) acquisition of a controlling stake in Sammaan Capital Limited (formerly Indiabulls Housing Finance Limited), a listed non-banking financial company, which included a preferential allotment and an open offer under the SEBI takeover regulations. S&R represented Citigroup, manager to the offer. This is one of the largest cross-border investments in India's NBFC sector.
The S&R team was led by partner Swapneil Akut, and included associates Srikari Kancherla, Anushka Rungta, Reet Balmiki and Shreyans Parakh.
For reference, please see the stock exchange announcements below in relation to the transaction:
https://www.bseindia.com/xml-data/corpfiling/AttachHis/b9925775-15d5-4ffc-a839-92e27eccf2b9.pdf