(Adds IHC's comments in paragraph 4, details on India's housing finance market in paragraph 5) Oct 2 (Reuters) – Abu Dhabi's International Holding Co (IHC) will acquire a 43.5% stake in Sammaan Capital for 88.50 billion rupees ($997.7 million), in a major bet on India's fast-growing housing finance market. Sammaan, a non-banking financial company focused on mortgage-lending, said on Thursday it will issue 330 million equity shares and 306.7 million convertible warrants to Avenir Investment RSC, an IHC affiliate, at 139 rupees apiece. Following the deal, Avenir will be classified as a promoter and will take control of the company. The transaction is subject to approvals from the Reserve Bank of India and the Competition Commission of India, and will trigger a mandatory open offer to existing shareholders. "IHC's $1 billion investment underscores its conviction in the long-term potential of India's financial sector and its commitment to expanding access to capital," the company said in a statement. India's housing finance market is expected to more than double by fiscal year 2030, from 33 trillion rupees (nearly $372 billion) in fiscal 2024, driven by improved affordability, rising urbanisation, and government-led housing initiatives, according to CareEdge Ratings. IHC has been increasingly active in India, the world’s fifth-largest economy, with investments including deals with conglomerate Adani Group and snack company Haldiram's. ($1 = 88.7260 Indian rupees) (Reporting by Nishit Navin; Editing by Shailesh Kuber)
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