MUMBAI: US assets management giant Capital Group, one of the biggest foreign funds in India that globally manages over $2.6 trillion, has picked up a 5% stake in Sammaan Capital (formerly Indiabulls Housing Finance) in its latest qualified institutional placement (QIP) round that was worth Rs 1,300 crore. Other marquee investors in the Indian mortgage financing company’s QIP were BlackRock and Marshall Wace, both global assets management giants, sources said.
Sammaan Capital allotted nearly 8.7 crore shares at Rs 150 per share in this fund raising round. Smallcap World Fund, run by Capital Group, picked up nearly 3.2 crore shares for Rs 479 crore, translating to almost 37% of total fund mobilised through QIP.
With entry of Capital Group, top five institutional investors in Samman now include Plutus, LIC, Vanguard and Marshall Wace. These five investors hold about 21% of company. Effectively, erstwhile founder-promoter Sameer Gehlaut, who once held about 21% stake, has been replaced by institutional investors.