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Sammaan Capital Raises ₹280 Crore via Private Placement of Secured NCDs
Sammaan Capital Limited (formerly Indiabulls Housing Finance) has successfully allotted Secured Non-Convertible Debentures (NCDs) totaling ₹280 crore on a private placement basis. The fundraise is divided into two series: a ₹125 crore re-issuance with an 8.8570% quarterly coupon and a ₹155 crore fresh issue with a 9.20% annual coupon. These instruments have tenors of approximately 5 and 10 years respectively, maturing in 2030 and 2036. The debt is secured by a 1.1x asset cover on the company's receivables and other assets.
Key Highlights
Total fundraise of ₹280 crore through private placement of secured, rated, and listed NCDs.
Series I (₹125 Cr) carries a coupon of 8.8570% p.a. with quarterly payments and matures in Dec 2030.
Series II (₹155 Cr) carries a coupon of 9.20% p.a. with annual payments and a 10-year tenor maturing in Mar 2036.
The NCDs are secured by a first pari-passu charge on assets with a minimum security cover of 1.1 times.
💼 Action for Investors
The successful placement of long-term debt at these rates indicates healthy market confidence in the company's credit profile post-rebranding. Investors should monitor how this capital is deployed to grow the loan book and manage the overall cost of funds.
Sammaan Capital Allots NCDs Worth ₹280 Crore via Private Placement
Sammaan Capital Limited (formerly Indiabulls Housing Finance) has successfully allotted Non-Convertible Debentures (NCDs) totaling ₹280 crore. The fundraise is split into two series: ₹125 crore with an 8.8570% quarterly coupon maturing in 2030, and ₹155 crore with a 9.20% annual coupon maturing in 2036. These NCDs are secured by a 1.1x asset cover on the company's loan and financial assets. This issuance helps the company secure long-term capital to support its lending operations.
Key Highlights
Total fundraise of ₹280 crore through secured, rated, and listed NCDs on a private placement basis.
Series I: ₹125 crore allotted at 8.8570% p.a. with a maturity date of December 9, 2030.
Series II: ₹155 crore allotted at 9.20% p.a. with a 10-year tenor maturing on March 5, 2036.
Secured by a first pari-passu charge on financial and loan assets with a minimum 1.1x security cover.
The NCDs will be listed on both the National Stock Exchange (NSE) and BSE Limited.
💼 Action for Investors
Investors should note the company's ability to raise long-term debt at competitive rates, which is a positive sign for its liquidity profile. Monitor the company's asset-liability management as it continues its transition under the new Sammaan Capital brand.
Sammaan Capital Raises ₹70 Crore via 9.05% Secured NCDs
Sammaan Capital Limited (formerly Indiabulls Housing Finance) has allotted 7,000 secured, rated, and listed Non-Convertible Debentures (NCDs) on a private placement basis. The issue raised ₹70 crore with a face value of ₹1,00,000 per debenture. These NCDs carry a fixed coupon rate of 9.05% per annum, payable semi-annually, and are scheduled to mature on January 16, 2036. The debt is secured by a first pari-passu charge on the company's assets with a 1.1x security cover.
Key Highlights
Allotment of 7,000 NCDs aggregating to ₹70 crore on a private placement basis
Fixed coupon rate of 9.05% p.a. with semi-annual interest payment schedule
Long-term maturity set for January 16, 2036, with a remaining tenor of approximately 9.89 years
Secured by a first pari-passu charge on financial and loan assets with a 1.1x asset cover
NCDs to be listed on both National Stock Exchange (NSE) and BSE Limited
💼 Action for Investors
Investors should note the 9.05% borrowing cost as a benchmark for the company's credit profile under its new brand. Monitor the company's ability to maintain the 1.1x security cover and its overall leverage as it continues long-term fund-raising.
Sammaan Capital Q3 FY26 PAT at ₹314 Cr; Announces Merger of Sammaan Finserve
Sammaan Capital (formerly Indiabulls Housing Finance) reported a stable Q3 FY26 with a PAT of ₹314 crore and a net worth of ₹22,423 crore. The company is merging its subsidiary, Sammaan Finserve, into the parent entity to streamline mortgage-backed lending and distribution under the IHC promoter regime. Management highlighted significant progress in legacy loan book recovery with ₹5,000 crore in net collections this year. Asset quality remains healthy with Gross NPA at 1.2% and Net NPA at 0.7%, while the company awaits final RBI and SEBI approvals for its preferential allotment to IHC.
Key Highlights
Q3 FY26 Profit After Tax (PAT) increased to ₹314 crore from ₹302 crore YoY.
Gross NPA and Net NPA remained stable at 1.2% and 0.7% respectively.
Net worth grew by approximately ₹2,000 crore YoY to reach ₹22,423 crore.
Legacy wholesale loan book saw net collections of ₹5,000 crore during the current fiscal year.
Total Assets Under Management (AUM) stands at ₹44,000 crore with a shift toward an asset-light model.
💼 Action for Investors
Investors should closely track the final regulatory approvals from RBI and SEBI regarding the IHC investment, which is a key catalyst for the stock. The steady improvement in asset quality and legacy book liquidation suggests a strengthening balance sheet.
Sammaan Capital Q3 FY26 Net Profit Rises to ₹314 Cr; 9M Profit Turnaround at ₹957 Cr
Sammaan Capital (formerly Indiabulls Housing Finance) reported a consolidated net profit of ₹314.08 crore for Q3 FY26, up from ₹302.44 crore in the previous year. The company achieved a significant turnaround in the nine-month period, posting a profit of ₹956.86 crore compared to a loss of ₹2,131.51 crore in 9M FY25. Total income for the quarter stood at ₹2,157.87 crore, supported by interest income and fair value gains. The company also confirmed zero deviation in the utilization of funds raised through equity and NCDs.
Key Highlights
Consolidated Net Profit for Q3 FY26 increased to ₹314.08 crore from ₹302.44 crore YoY.
9M FY26 Net Profit reached ₹956.86 crore, reversing a massive loss of ₹2,131.51 crore in 9M FY25.
Total Revenue from operations for the quarter stood at ₹2,157.54 crore.
Board confirmed no deviation in the utilization of proceeds from equity shares and NCDs for the quarter ended Dec 31, 2025.
The company is progressing with a scheme of demerger to integrate the NBFC business of Sammaan Finserve Limited.
💼 Action for Investors
The significant turnaround in nine-month profitability and stable quarterly growth indicate improving operational health post-rebranding. Investors should monitor the execution of the NBFC business demerger and the company's ability to sustain interest margins.
Sammaan Capital Q3 PAT Rises to ₹314 Cr; 9M Profit Rebounds to ₹957 Cr
Sammaan Capital (formerly Indiabulls Housing Finance) reported a steady Q3 FY26 with a Profit After Tax (PAT) of ₹314.08 crore, compared to ₹302.44 crore in the same period last year. The nine-month (9M) performance shows a massive turnaround, posting a profit of ₹956.86 crore against a loss of ₹2,131.51 crore in the previous year, largely due to a sharp reduction in impairment costs. Total income for the quarter stood at ₹2,157.87 crore, while the company also announced a board-approved demerger of its subsidiary Sammaan Finserve's NBFC business into the parent entity.
Key Highlights
Q3 FY26 PAT increased to ₹314.08 crore from ₹302.44 crore in the year-ago quarter.
9M FY26 PAT turned positive at ₹956.86 crore versus a loss of ₹2,131.51 crore in 9M FY25.
Impairment on financial instruments for 9M FY26 dropped significantly to ₹669.86 crore from ₹4,779.64 crore YoY.
Total income for the quarter rose to ₹2,157.87 crore, up from ₹2,019.14 crore YoY.
Board approved the demerger of the NBFC business of Sammaan Finserve Limited into Sammaan Capital Limited.
💼 Action for Investors
The significant reduction in credit costs and the return to nine-month profitability are strong indicators of a successful turnaround. Investors should monitor the execution of the internal demerger and the continued stabilization of the loan book.
Sammaan Capital Q3 PAT Rises to ₹314 Cr; Board Approves NBFC Business Demerger
Sammaan Capital (formerly Indiabulls Housing Finance) reported a steady Q3 FY26 with a Net Profit of ₹314.08 crore, up from ₹302.44 crore in the same quarter last year. Total income grew to ₹2,157.87 crore, supported by a significant increase in net gains on fair value changes. Most notably, the company has achieved a massive turnaround in its nine-month performance, posting a profit of ₹956.86 crore compared to a loss of ₹2,131.51 crore in the previous year's period. The board also approved a scheme to demerge the NBFC business of its subsidiary, Sammaan Finserve, into the parent company to streamline operations.
Key Highlights
Consolidated Net Profit for Q3 FY26 stood at ₹314.08 crore, representing a 3.8% YoY growth.
Total Income for the quarter increased to ₹2,157.87 crore from ₹2,019.14 crore in Q3 FY25.
Nine-month (9M FY26) PAT recovered to ₹956.86 crore against a loss of ₹2,131.51 crore in 9M FY25.
Impairment on financial instruments saw a net write-back of ₹25.15 crore in Q3 FY26 compared to a charge of ₹6.77 crore in Q3 FY25.
Board approved the demerger of the NBFC business from subsidiary Sammaan Finserve Limited into the parent entity.
💼 Action for Investors
The company's return to profitability on a nine-month basis and the streamlining of its corporate structure are positive signals. Investors should monitor the execution of the demerger and the stability of interest margins in the coming quarters.
Sammaan Capital Q3FY26 PAT Rises to ₹314 Cr; Growth AUM Surges 26% to ₹44,038 Cr
Sammaan Capital (formerly Indiabulls Housing Finance) reported a steady Q3FY26 with PAT increasing to ₹314 crore compared to ₹302 crore YoY. The company's strategic shift is evident as Growth AUM rose 26% YoY to ₹44,038 crore, while legacy loans were reduced to ₹20,162 crore. Asset quality remains stable with a Gross NPA of 1.2% and a healthy Net Interest Margin (NIM) of 5.3%. The ongoing merger of its NBFC business and pending RBI approval for a preferential issue are key catalysts for future capital structure optimization.
Key Highlights
Growth AUM increased by 26% YoY to ₹44,038 crore, reflecting successful transition to the new business model
Legacy loan book reduced significantly by 25% YoY to ₹20,162 crore
9MFY26 PAT stands at ₹957 crore, a sharp recovery from a loss of ₹2,132 crore in 9MFY25
Maintained healthy asset quality with GNPA at 1.2% and NNPA at 0.7% as of December 31, 2025
Consolidated Net Worth grew to ₹22,423 crore with a stable gearing ratio of 2.2x
💼 Action for Investors
Investors should monitor the pending RBI approval for the preferential issue and the progress of the SFL merger. The successful reduction of the legacy book and growth in the asset-light co-lending model makes it a positive long-term turnaround story.
Sammaan Capital Q3 Net Profit Rises to ₹314 Cr; 9M Profit at ₹957 Cr vs Previous Year Loss
Sammaan Capital (formerly Indiabulls Housing Finance) reported a consolidated net profit of ₹314.08 crore for Q3 FY26, a 3.8% YoY growth. The total income for the quarter reached ₹2,157.87 crore, driven by net gains on fair value changes despite a dip in interest income. Most importantly, the company achieved a 9-month profit of ₹956.86 crore, marking a massive recovery from a loss of ₹2,131.51 crore in the previous year. The board also confirmed a demerger plan to integrate its subsidiary's NBFC business.
Key Highlights
Q3 FY26 Net Profit stood at ₹314.08 crore, up from ₹302.44 crore in Q3 FY25.
9M FY26 Net Profit of ₹956.86 crore represents a sharp turnaround from a ₹2,131.51 crore loss YoY.
Impairment costs for the 9-month period fell significantly to ₹669.86 crore from ₹4,779.64 crore.
Total 9M income rose to ₹6,827.82 crore from ₹6,550.80 crore in the previous year.
Board approved demerger of Sammaan Finserve Limited's NBFC business into the company.
💼 Action for Investors
The sharp reduction in impairment charges and the return to profitability over the 9-month period are strong positive signals for long-term recovery. Investors should monitor the progress of the demerger and its impact on overall operational efficiency.
Sammaan Capital Open Offer Update: Corrigendum Issued for 26% Stake Acquisition
Avenir Investment RSC Ltd and IHC Capital Holding LLC have issued an addendum cum corrigendum to the Draft Letter of Offer for acquiring up to 34,17,54,286 equity shares of Sammaan Capital. This open offer represents 26% of the company's expanded voting share capital. The update follows the initial draft letter of offer submitted in October 2025 and was published in major newspapers on January 15-16, 2026. Citigroup Global Markets India Private Limited is acting as the manager for this transaction.
Key Highlights
Open offer to acquire up to 34,17,54,286 fully paid-up equity shares of INR 2 face value.
The acquisition target represents 26% of the Expanded Voting Share Capital of Sammaan Capital.
Acquirer is Avenir Investment RSC Ltd, with IHC Capital Holding LLC as the Person Acting in Concert (PAC).
Citigroup Global Markets India Private Limited is the designated manager for the open offer.
Corrigendum published in Financial Express, Jansatta, and Navshakti on January 15 and 16, 2026.
💼 Action for Investors
Investors should track the final offer price and the timeline for the tendering period to evaluate the exit opportunity. The entry of Avenir Investment as a significant shareholder may impact the long-term strategic direction of the company.
Sammaan Capital Allots ₹115 Crore Secured NCDs with 9.05% Coupon
Sammaan Capital Limited, formerly Indiabulls Housing Finance, has successfully allotted 11,500 secured Non-Convertible Debentures (NCDs) totaling ₹115 crore on a private placement basis. These NCDs carry a fixed coupon rate of 9.05% per annum, with interest payable semi-annually. The instrument has a long-term tenor of 10 years, with maturity scheduled for January 16, 2036. This fundraise helps the company secure long-term capital for its lending operations and balance sheet management.
Key Highlights
Allotted 11,500 secured, rated, and listed NCDs aggregating to ₹115 crore.
Fixed coupon rate of 9.05% per annum with semi-annual interest payment frequency.
Long-term borrowing with a 10-year tenor maturing on January 16, 2036.
Secured by a first pari-passu charge on company assets with a 1.1x security cover.
💼 Action for Investors
This is a routine fundraise for an NBFC; investors should monitor the company's ability to maintain healthy net interest margins against this 9.05% cost of debt.
Sammaan Capital Raises ₹115 Crore via 10-Year NCDs at 9.05% Coupon
Sammaan Capital Limited (formerly Indiabulls Housing Finance) has successfully allotted Non-Convertible Debentures (NCDs) worth ₹115 crore on a private placement basis. The 10-year instruments carry a fixed coupon rate of 9.05% per annum, with interest payable semi-annually. These NCDs are secured by a 1.1x asset cover on the company's loan assets and other financial/non-financial assets. This long-term debt issuance helps the company manage its maturity profile and secure stable funding for its lending operations.
Key Highlights
Allotted 11,500 secured, rated, and listed NCDs with a face value of ₹1,00,000 each.
Total issue size aggregates to ₹115 crore raised on a private placement basis.
Fixed coupon rate of 9.05% p.a. with a long-term tenor of 10 years maturing in January 2036.
Secured by a first pari-passu charge on financial and loan assets with a minimum 1.1x security cover.
Interest payments scheduled semi-annually starting July 16, 2026.
💼 Action for Investors
Investors should note the company's ability to raise long-term 10-year debt, which reflects institutional confidence in its restructured identity. Monitor the company's overall cost of funds and asset-liability management in upcoming quarterly results.
Sammaan Capital Approves Demerger of SFL's NBFC Business to Facilitate ₹8,850 Cr IHC Investment
Sammaan Capital's board has approved the demerger of the NBFC business from its wholly-owned subsidiary, Sammaan Finserve Limited (SFL), into the parent company. This restructuring is a strategic move to comply with regulatory requirements for a $1 billion (₹8,850 crore) investment from IHC-owned Avenir Investment for a 41.2% controlling stake. SFL's NBFC division contributed ₹1,270.96 crore, or 14.7% of the consolidated turnover in FY25. Post-demerger, SFL will pivot to non-lending financial services and fintech, leveraging IHC's global expertise.
Key Highlights
Demerger of SFL's NBFC business into SCL; SFL contributed 14.7% (₹1,270.96 Cr) of FY25 consolidated turnover.
Restructuring facilitates a $1 billion (₹8,850 crore) investment by IHC for a 41.2% stake.
SFL scaled operations significantly from 32 to 107 branches and 1,016 employees prior to this move.
SFL to surrender NBFC license post-demerger to comply with 'one NBFC license per group' regulations.
No change in shareholding pattern as SFL is a 100% subsidiary; no new shares to be issued.
💼 Action for Investors
Investors should monitor the progress of the IHC investment as this restructuring removes a key regulatory hurdle. The massive capital infusion is expected to significantly strengthen the balance sheet and support long-term growth.
Sammaan Capital Redeems ₹95 Crore NCDs and Pays ₹8.83 Crore Interest Timely
Sammaan Capital Limited has successfully completed the full redemption of its Non-Convertible Debentures (NCDs) totaling ₹95 crore. Along with the principal, the company paid interest amounting to ₹883.50 lacs for the yearly period. The payment was executed on December 29, 2025, which is one day prior to the scheduled due date of December 30, 2025. This timely debt servicing demonstrates the company's stable liquidity and adherence to financial commitments.
Key Highlights
Full redemption of NCDs (ISIN: INE148I07DN6) with an issue size of ₹95 crore
Payment of ₹883.50 lacs as interest for the yearly cycle
Payment completed on December 29, 2025, ahead of the December 30, 2025 deadline
Outstanding principal amount for this specific instrument reduced to zero
💼 Action for Investors
This reinforces the company's credit reliability and liquidity management; investors should maintain a positive outlook on the company's debt-servicing capabilities.
Sammaan Capital Clarifies on FIR Against Ex-Promoter Sameer Gehlaut
Sammaan Capital (formerly Indiabulls Housing Finance) clarified that a fresh FIR (No. 175/25) filed by the Delhi Police EOW targets erstwhile promoter Sameer Gehlaut and five other corporate groups, not the company itself. The investigation stems from a Supreme Court case involving allegations of quid pro quo transactions. The company emphasized that Mr. Gehlaut exited the board in March 2022 and has had no shareholding since September 2023. While the company distances itself, the historical nature of the allegations linked to its former leadership remains a point of scrutiny for the market.
Key Highlights
Delhi Police EOW registered FIR No. 175/25 on December 15, 2025, regarding alleged fraud and criminal conspiracy.
Investigations focus on ex-promoter Sameer Gehlaut and groups including Reliance ADAG, DLF, and Vatika.
CBI, ED, SFIO, and SEBI held a joint meeting to discuss the necessity of a Special Investigation Team (SIT).
Sameer Gehlaut ceased to be a promoter in Feb 2023 and exited all shareholding by Sept 2023.
The stock reportedly fell up to 7% following the news before the company issued this clarification.
💼 Action for Investors
Investors should monitor the progress of the Supreme Court case and the EOW investigation for any potential liabilities that might trace back to the company's past operations. While the current management is separate, legal overhangs from the 'Indiabulls' era may continue to cause price volatility.
Sammaan Capital: CCI approves acquisition by Avenir Investment RSC Ltd
Sammaan Capital Limited announced that the Competition Commission of India (CCI) has approved the proposed acquisition of a controlling stake in the company by Avenir Investment RSC Ltd, which is owned and controlled by International Holding Company PJSC. The company is awaiting regulatory approvals from SEBI for the Open Offer and related approvals, and from the Reserve Bank of India. Sammaan Capital is actively engaging with these regulators to expedite the approval process for the transaction. Avenir Investment RSC Ltd is a special purpose vehicle incorporated for the purpose of the Proposed Combination.
Key Highlights
CCI has approved the acquisition of certain shareholding of Sammaan Capital Limited by Avenir Investment RSC Ltd.
Avenir Investment RSC Ltd is owned and controlled by International Holding Company PJSC.
Sammaan Capital is registered with RBI as a non-deposit taking non-banking financial company.
The company's CIN is L65922DL2005PLC136029.
💼 Action for Investors
Investors should monitor the progress of the SEBI and RBI approvals, as these are the remaining hurdles for the completion of the acquisition. A successful acquisition could lead to positive changes for Sammaan Capital.
Sammaan Capital Allots NCDs worth ₹300 Crore via Private Placement
Sammaan Capital Limited (formerly Indiabulls Housing Finance) has allotted secured, rated, listed, redeemable, non-convertible debentures (NCDs) aggregating to ₹300 Crore on a private placement basis. This includes 20,000 Series I NCDs with a face value of ₹1,00,000 each, totaling ₹200 Crore, and 10,000 Series II NCDs with a face value of ₹1,00,000 each, totaling ₹100 Crore. The Series I NCDs have a coupon rate of 8.7923% p.a. and Series II NCDs have a coupon rate of 8.8570% p.a., both with a maturity date of December 9, 2030. The NCDs are secured by a charge on the company's financial and non-financial assets, maintaining a minimum asset/security cover of 1.1 times the principal amount and interest.
Key Highlights
Allotted 20,000 Series I NCDs aggregating to ₹200 Crore.
Allotted 10,000 Series II NCDs aggregating to ₹100 Crore.
Series I NCDs coupon rate is 8.7923% p.a.
Series II NCDs coupon rate is 8.8570% p.a.
NCDs are secured with a minimum asset cover of 1.1 times.
💼 Action for Investors
This allotment of NCDs is a fundraising activity. Investors should monitor the company's debt levels and utilization of these funds for future growth.