India, March 25 -- The approval allows the investor, owned by International Holding Company PJSC, to proceed with an investment of approximately Rs 8,850 crore through a preferential issue. Upon completion, Avenir Investment is expected to hold around 41.23% stake in the company, which could rise to 63.36% following an open offer, subject to full subscription. The central bank has also granted a waiver for the public notice period and approved the indirect change of control of Sammaan Finserve, a wholly-owned subsidiary of the company.

The transaction now awaits final approval from the Securities and Exchange Board of India, with both the company and the investor engaging with the regulator for an early clearance. Once completed, the dea...