The expected proceeds will be used to repay existing loans. The funding will be through a mix of non-convertible debentures and optionally convertible debentures with a tenure of 3-5 years, said one of the people.
At present, SAMHI has consolidated debt of about ₹2,200 crore.
Founded by Ashish Jakhanwala and Manav Thadani in 2012, SAMHI counts Sam Zell-led Equity International, GTI Capital, Goldman Sachs and International Finance Corporation as its principal shareholders. Equity International is the largest shareholder with a 49% stake, while Goldman Sachs owns 29%, and GTI Capital Group holds 18%.
An email and a text message sent to Jakhanwala did not elicit any response till press time Tuesday. A Cerberus spokesperson didn’t respond to queries.
Goldman Sachs and GTI had infused ₹28.6 crore in the company in 2019 by subscribing to a rights issue of shares, for funding expenses related to a planned initial public offering and general corporate expenses. SAMHI’s promoters had invested another ₹87 crore through non-convertible debentures in March 2021. In 2018, SAMHI had raised structured debt of ₹650 crore from Piramal Capital & Housing Finance.
SAMHI had filed its draft prospectus with the market regulator in 2019 with plans to raise about ₹1,500 crore, including fresh capital and a secondary sale of shares by Equity International, IFC, GTI Capital and Goldman. However, the IPO plan did not work out.
