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SAMMAANCAP - Sammaan Capital

📊 NSE: SAMMAANCAP 🏢 Finance - Housing 📅 Last Updated: 12/14/2025 12:44

📢 Recent Corporate Announcements

Sammaan Capital Completes Timely Interest Payment of ₹4.68 Lakhs on Secured NCDs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Apr 2026, 06:38 PM

Sammaan Capital Limited (formerly Indiabulls Housing Finance) has successfully fulfilled its interest payment obligations for two series of Secured Redeemable Non-convertible Debentures (NCDs). The company disbursed a total interest amount of approximately ₹4.68 lakhs for the monthly period. The payments were made on April 30, 2026, ahead of the scheduled due date of May 3, 2026. This filing confirms the company's adherence to SEBI Listing Obligations and Disclosure Requirements.

Timely interest payment confirmed for NCDs under ISINs INE148I07NA2 and INE148I07MZ1.
Total interest amount paid across both series is approximately ₹4.678 lakhs.
Actual payment date was April 30, 2026, preceding the May 3, 2026 due date.
The NCDs are monthly frequency instruments issued through a public issue.
Compliance reported under Regulation 57 of SEBI (LODR) Regulations, 2015.

💡 No immediate action is required as this is a routine regulatory disclosure regarding debt servicing. Investors should view this as a sign of normal operational liquidity and compliance.

Sammaan Capital Makes Timely Interest Payment of ₹1.12 Crore on NCDs

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 30 Apr 2026, 06:29 PM

Sammaan Capital Limited, formerly known as Indiabulls Housing Finance, has successfully fulfilled its interest payment obligations for its Secured Redeemable Non-Convertible Debentures (NCDs). The company paid a total interest amount of ₹112.16 lacs for the quarterly period. Notably, the payment was made on April 30, 2026, which is ahead of the scheduled due date of May 4, 2026. This timely servicing of debt highlights the company's liquidity management and commitment to its creditors.

Interest payment of ₹112.16 lacs completed for ISIN INE148I07YC5
The NCD issue size associated with this payment is ₹5,000 lacs (₹50 Crores)
Payment was made on April 30, 2026, ahead of the May 4, 2026 due date
The interest payment frequency for this specific instrument is quarterly
Compliance confirmed under Regulation 57 of SEBI LODR Regulations

💡 This is a routine disclosure that confirms the company's creditworthiness and operational discipline. Investors should view this as a sign of stable liquidity, though it does not necessitate any immediate change in investment strategy.

Sammaan Capital Makes Timely Monthly Interest Payments Across 12 NCD Series

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 30 Apr 2026, 04:46 PM

Sammaan Capital Limited (formerly Indiabulls Housing Finance) has confirmed the timely payment of monthly interest for 12 series of Secured Redeemable Non-Convertible Debentures (NCDs). The payments were executed on April 29, 2026, ahead of the May 1, 2026 deadline, covering various ISINs with issue sizes up to ₹3,209.48 lacs. This filing, made under SEBI Regulation 57, underscores the company's consistent track record in meeting its debt obligations. The total interest amount paid across these specific series is approximately ₹84.27 lacs.

Successfully serviced interest for 12 NCD series issued through public issues
Total interest payment of approximately ₹84.27 lacs made on April 29, 2026
Largest interest payout of ₹23.42 lacs for ISIN INE148I07XK0 with an issue size of ₹3,209.48 lacs
All payments were made ahead of the scheduled due date of May 1, 2026

💡 This is a routine update confirming the company's ability to service its debt; investors should maintain their current positions while monitoring the company's broader liquidity profile.

Sammaan Capital Reports Timely Interest Payment of ₹62.39 Lakhs on NCDs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Apr 2026, 04:36 PM

Sammaan Capital Limited (formerly Indiabulls Housing Finance) has confirmed the timely payment of monthly interest for nine series of Secured Redeemable Non-Convertible Debentures. The total interest payout amounted to approximately ₹62.39 lakhs, covering various ISINs issued through public offerings. Payments were executed on April 29, 2026, ahead of the scheduled due date of May 1, 2026. This filing is a standard regulatory requirement under SEBI's Listing Obligations and Disclosure Requirements.

Timely interest payment completed for 9 distinct NCD series (ISINs).
Total interest amount paid across all series is approximately ₹62.39 lakhs.
Payments were made on April 29, 2026, ahead of the May 1, 2026 due date.
The largest interest payout was ₹12.63 lakhs for ISIN INE148I07TG6 with an issue size of ₹1,582.35 lakhs.

💡 This is a routine compliance update indicating healthy debt servicing. Investors should maintain their current positions while monitoring the company's quarterly financial performance.

Sammaan Capital Reports Timely Interest Payment on NCDs for April 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Apr 2026, 11:30 AM

Sammaan Capital Limited (formerly Indiabulls Housing Finance) has successfully fulfilled its monthly interest payment obligations for two series of Secured Redeemable Non-Convertible Debentures (NCDs). The company paid a total interest amount of approximately INR 4.68 lacs across ISINs INE148I07NA2 and INE148I07MZ1. The payments were made on April 30, 2026, ahead of the scheduled due date of May 3, 2026. This filing confirms the company's adherence to SEBI's Listing Obligations and Disclosure Requirements regarding debt servicing.

Timely interest payment completed for NCDs under ISINs INE148I07NA2 and INE148I07MZ1
Total interest amount disbursed was INR 4.67803 lacs
Actual payment date of April 30, 2026, preceded the May 3, 2026 due date
The larger issue size involved in this monthly cycle was INR 615.24 lacs
Compliance maintained under Regulation 57 of SEBI LODR Regulations

💡 No action is required as this is a routine regulatory disclosure confirming the company's ability to meet its debt obligations. Investors should continue to monitor the company's overall credit profile and liquidity position.

Sammaan Capital Redeems NCDs Worth ₹207 Crore and Pays ₹19.25 Crore Interest

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 29 Apr 2026, 02:50 PM

Sammaan Capital Limited (formerly Indiabulls Housing Finance) has successfully completed the full redemption of its Secured Non-Convertible Debentures (NCDs) under ISIN INE148I07EM6. The company paid a total principal amount of INR 20,700 lacs (₹207 crore) along with an interest payment of INR 1,925.10 lacs (₹19.25 crore). The payments were made on April 28, 2026, one day ahead of the scheduled due date of April 29, 2026. This timely fulfillment of debt obligations demonstrates the company's healthy liquidity position and commitment to its credit obligations.

Full redemption of NCDs worth INR 20,700 lacs (₹207 crore) completed
Timely payment of interest amounting to INR 1,925.10 lacs (₹19.25 crore)
Actual payment executed on April 28, 2026, ahead of the April 29, 2026 deadline
Outstanding amount for ISIN INE148I07EM6 reduced to zero following maturity

💡 Investors should view this timely debt servicing as a positive sign of financial discipline and liquidity management. No immediate action is required, but it supports a stable outlook for the company's credit profile.

Sammaan Capital Open Offer Update: 40,535 Shares Tendered (0.01% of Offer Size)

🟡 NEUTRAL ⭐ 7/10

M&A 📅 29 Apr 2026, 12:29 PM

Avenir Investment RSC Ltd and IHC Capital Holding LLC are conducting an open offer to acquire up to 34.17 crore shares, representing a 26.05% stake in Sammaan Capital Limited. As of April 28, 2026, only 40,535 shares have been tendered in the escrow account, which constitutes a marginal 0.01% of the total offer size. On the specific date of April 28, 40,245 shares were submitted by public shareholders. The final acceptance of these shares is subject to validation and verification of the submitted documents.

Open offer for up to 34,17,54,286 equity shares representing 26.05% of expanded voting capital
Cumulative shares tendered in the escrow account reached 40,535 as of April 28, 2026
Daily tendering activity on April 28, 2026, stood at 40,245 equity shares
Current tendered volume represents only 0.01% of the total offer size
Offer managed by Citigroup Global Markets India Private Limited

💡 Investors should evaluate the open offer price against the current market price to determine the benefit of tendering. The low initial participation suggests shareholders may be waiting for further price discovery or the offer price is not currently attractive relative to the market.

Sammaan Capital to Repurchase NCDs Following CRISIL AA+ Rating Upgrade

🟢 POSITIVE ⭐ 7/10

OTHER 📅 28 Apr 2026, 05:26 PM

Sammaan Capital Limited (formerly Indiabulls Housing Finance) has announced a voluntary repurchase of privately placed Non-Convertible Debentures (NCDs) at par. This move follows a credit rating upgrade to CRISIL AA+/Stable on April 10, 2026, which the company expects will materially reduce its future cost of funds. The repurchase program targets NCDs with various maturities, including those up to March 31, 2027, and is aimed at optimizing the company's liability profile. Holders of the five specified ISINs have until May 15, 2026, to participate in this liquidity event.

CRISIL upgraded the company's rating to AA+/Stable on April 10, 2026
Repurchase offer applies to 5 specific ISINs of privately placed NCDs at par value
Targeted NCDs include those with maturities extending up to March 31, 2027
The initiative is designed to reduce the overall cost of funds and rebalance debt obligations
NCD holders must initiate the transaction process by May 15, 2026

💡 Equity investors should view this as a positive signal of balance sheet strengthening and lower future interest expenses. Debt holders should compare the 'at par' offer with current market yields to determine if exiting early is beneficial.

Sammaan Capital Reports Timely Interest Payment on NCDs for April 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Apr 2026, 05:20 PM

Sammaan Capital Limited (formerly Indiabulls Housing Finance) has confirmed the timely payment of interest for its listed Secured Redeemable Non-convertible Debentures (NCDs). The payments, totaling approximately INR 5.93 lacs across two ISINs, were made on April 27, 2026, ahead of the scheduled due date of April 28, 2026. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015, demonstrating the company's adherence to debt servicing schedules.

Timely interest payment for NCDs under ISINs INE148I07NN5 and INE148I07ND6.
Total interest amount disbursed was approximately INR 5.93 lacs.
Actual payment date was April 27, 2026, one day ahead of the April 28 due date.
The NCDs are secured redeemable instruments issued through a public issue.

💡 No immediate action is required as this is a routine debt servicing announcement. Investors should maintain focus on the company's broader financial health and credit rating trends.

Sammaan Capital Reports Timely Monthly Interest Payment of ₹11.06 Lakhs on NCDs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Apr 2026, 05:13 PM

Sammaan Capital Limited, formerly known as Indiabulls Housing Finance, has successfully made timely interest payments on its Secured Redeemable Non-convertible Debentures (NCDs). The total interest paid across two ISINs amounts to approximately ₹11.06 lakhs for the monthly period. The payments were executed on April 27, 2026, ahead of the scheduled due date of April 28, 2026. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015.

Total interest payment of ₹11.056 lakhs made for two NCD series (ISIN: INE148I07MK3 and INE148I07ML1)
Interest payment frequency is monthly, with the actual payment made on April 27, 2026
The payment was made ahead of the official due date of April 28, 2026
The NCDs involved were issued through a public issue and are listed on major stock exchanges

💡 No immediate action is required as this is a routine compliance filing. Investors should maintain focus on the company's broader financial health and credit rating trends.

Sammaan Capital Reports Timely Interest Payment of ₹1.08 Crore on NCDs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Apr 2026, 05:01 PM

Sammaan Capital Limited, formerly known as Indiabulls Housing Finance, has confirmed the timely payment of interest for four series of Secured Redeemable Non-Convertible Debentures (NCDs). The company disbursed a total interest amount of approximately ₹108.51 lakhs across various ISINs. The payments were processed on April 27, 2026, ahead of the scheduled due date of April 28, 2026. This disclosure is a routine regulatory requirement under SEBI's Listing Obligations and Disclosure Requirements.

Total interest payment of ₹108.51 lakhs successfully completed for four NCD series.
Payments were made on April 27, 2026, one day prior to the official due date.
The largest interest payout amounted to ₹99.63 lakhs for ISIN INE148I07LT6.
Covers both monthly and annual interest payment frequencies across different debt tranches.

💡 No action is required as this is a routine debt servicing announcement. It confirms the company's current ability to meet its fixed income obligations.

Sammaan Capital Open Offer Update: 0 Shares Tendered as of April 24, 2026

🟡 NEUTRAL ⭐ 7/10

M&A 📅 27 Apr 2026, 03:06 PM

Avenir Investment RSC Ltd and IHC Capital Holding LLC are conducting an open offer to acquire up to 34,17,54,286 equity shares of Sammaan Capital Limited, representing 26.05% of the expanded voting share capital. As of the reporting date of April 24, 2026, the manager to the offer, Citigroup Global Markets, reported that zero shares have been tendered in the escrow demat account. This update is part of the ongoing regulatory disclosures required during the open offer period. Investors should note that the final acceptance of shares is subject to validation and verification of documents.

Open offer targets 34,17,54,286 equity shares representing 26.05% of expanded voting capital
Acquisition led by Avenir Investment RSC Ltd and IHC Capital Holding LLC
Zero shares (0% of offer size) were tendered in the escrow account as of April 24, 2026
Offer is being managed by Citigroup Global Markets India Private Limited
Tendered shares remain subject to validation as per SEBI (SAST) Regulations

💡 Investors should evaluate the open offer price against the current market price to determine if tendering shares is beneficial. Monitor subsequent daily updates to gauge the overall success and participation rate of the offer.

Sammaan Capital Makes Timely Interest Payment of INR 38.95 Lacs for Six NCD Series

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Apr 2026, 02:05 PM

Sammaan Capital Limited, formerly known as Indiabulls Housing Finance, has successfully made timely monthly interest payments for six series of Secured Redeemable Non-convertible Debentures (NCDs). The total interest amount disbursed across these series was approximately INR 38.95 lacs. The payments were executed on April 24, 2026, ahead of the scheduled due date of April 27, 2026. This routine disclosure confirms the company's adherence to its debt servicing obligations and maintains its credit standing.

Timely payment of interest for six distinct ISINs of Secured NCDs issued via public issue.
Total interest paid across all series amounted to approximately INR 38.95 lacs.
Actual payment date was April 24, 2026, three days ahead of the April 27, 2026 due date.
The interest payments were for the monthly frequency cycle ending in April 2026.
Largest single interest payment among the series was INR 14.36 lacs for ISIN INE148I07RZ0.

💡 No immediate action is required as this is a routine regulatory filing. Investors should continue to monitor the company's liquidity and debt-servicing capability as it operates under its new identity.

Sammaan Capital Disburses ₹6.26 Lakhs in Timely NCD Interest Payments

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Apr 2026, 01:48 PM

Sammaan Capital Limited, formerly known as Indiabulls Housing Finance, has confirmed the timely payment of monthly interest for its Secured Redeemable Non-Convertible Debentures (NCDs). The company paid a total interest amount of approximately ₹6.26 lakhs across four different ISINs. These payments were executed on April 24, 2026, preceding the official due date of April 27, 2026. This disclosure is in compliance with SEBI's Listing Obligations and Disclosure Requirements.

Timely monthly interest payment completed for four NCD series including ISINs INE148I07OP8 and INE148I07OT0.
Total interest amount disbursed to debenture holders across all series is ₹6.26 lakhs.
Payments were made on April 24, 2026, ahead of the scheduled due date of April 27, 2026.
The largest single interest payment was ₹3.49 lakhs for ISIN INE148I07OT0 which has an outstanding issue size of ₹419.33 lakhs.

💡 This is a routine debt servicing update indicating the company is meeting its immediate financial obligations. No specific action is required, but investors should continue to monitor the company's overall credit profile and liquidity.

Sammaan Capital Allots 1.85 Lakh Equity Shares Under ESOP Scheme

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Apr 2026, 06:03 PM

Sammaan Capital Limited has allotted 1,85,310 fully paid-up equity shares to eligible employees following the exercise of stock options under the ESOP 2013 scheme. The company realized a total of INR 2.32 crore from this exercise, with share prices ranging between INR 85.57 and INR 136.25. Post-allotment, the company's total paid-up equity share capital stands at approximately INR 231.97 crore. This is a routine corporate action resulting in a very marginal dilution of existing equity.

Allotment of 1,85,310 fully paid-up equity shares of face value INR 2 each.
Total money realized from the exercise of options amounts to INR 2,31,68,066.50.
Exercise prices were tiered at INR 85.57, INR 115.88, and INR 136.25 per share.
Total fully paid-up equity shares increased to 1,15,88,55,968 shares.
Paid-up equity share capital increased to INR 231,97,30,788.71.

💡 No action is required as this is a routine administrative allotment under an existing employee stock option plan. The dilution to existing shareholders is negligible.

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💰 Financial Performance

Revenue Growth by Segment

The company is targeting a significant scale-up to reach an AUM of INR 1.10 lakh Cr by FY27-28. Retail mortgage growth is currently trending at approximately 30% YoY. Derecognition income from co-lending and direct assignments is expected to stabilize at 4% of disbursals.

Geographic Revenue Split

Not disclosed in available documents, though the company is expanding its physical presence to 500 branches across India over the next 2-3 years to diversify its geographic footprint.

Profitability Margins

The company reported a headline solvency ratio (NNPA/net worth) improvement to 2.3% as of June 30, 2025, compared to 5.0% as of March 31, 2024. Net gain on derecognition of loans is targeted at 4% of co-lending flow.

EBITDA Margin

Not disclosed in standard EBITDA format for this NBFC; however, the company maintains a consolidated CRAR of 35.8% (Tier I at 35.1%) as of June 30, 2025, providing a significant capital cushion.

Capital Expenditure

The company is undergoing a massive network expansion to 500-odd branches over 2-3 years. A major capital event is the INR 8,850 Cr preferential issue to Avenir Investment RSC Limited (IHC subsidiary).

Credit Rating & Borrowing

Credit rating is [ICRA]AA with 'Rating Watch with Developing Implications'. Borrowing costs are expected to improve following the IHC investment; recent NCD issuances include a proposed INR 8,000 Cr limit. Debt/Net worth ratio improved to 1.9x in June 2025 from 2.4x in March 2024.

⚙️ Operational Drivers

Raw Materials

Debt Capital (80% of funding mix) and Equity Capital (20% of funding mix).

Import Sources

Domestic markets and International markets (raised a Dollar Bond shortly after the IHC announcement).

Key Suppliers

BSE Limited, National Stock Exchange of India, and various institutional investors for NCDs and Dollar Bonds.

Capacity Expansion

Current branch network is expanding toward a target of 500 branches within 24-36 months to support the asset-light retail origination model.

Raw Material Costs

Cost of funds is a primary driver; the company is leveraging its AA rating to raise capital. The IHC entry is expected to lower borrowing costs by enhancing the corporate governance profile.

Manufacturing Efficiency

Amortization on partner pools is running at approximately 77%, demonstrating high efficiency in loan book churn and collection.

Logistics & Distribution

Distribution is driven by the branch network expansion and digital tech ecosystem integration with IHC.

📈 Strategic Growth

Expected Growth Rate

20-23%

Growth Strategy

The company will utilize an INR 8,850 Cr capital infusion from IHC to scale AUM to INR 1.10 lakh Cr. Strategy involves a 100% asset-light approach for new retail originations, expanding the branch network to 500 locations, and integrating IHC's technology ecosystem to enhance digital lending capabilities.

Products & Services

Home Loans (HL), Loan Against Property (LAP), MSME loans, and Commercial Real Estate (CRE) financing.

Brand Portfolio

Sammaan Capital (formerly Indiabulls Housing Finance), Sammaan Finserve Limited.

New Products/Services

Foray into Commercial Real Estate (CRE) and expanded MSME lending; product selection is currently being redrawn with the new promoter.

Market Expansion

Targeting 500 branches over 2-3 years to deepen penetration in semi-urban and urban mortgage markets.

Market Share & Ranking

Identified as one of the established players in the domestic mortgage finance industry despite recent AUM declines during the transition phase.

Strategic Alliances

Preferential issue agreement with Avenir Investment RSC Limited (IHC) for a 41.2% stake; co-lending partnerships with various banks.

🌍 External Factors

Industry Trends

The industry is shifting toward co-lending; RBI regulations in August 2025 expanded the co-lending scope beyond the priority sector, which is 'extremely positive' for Sammaan's asset-light model.

Competitive Landscape

Competes with AAA-rated HFCs and banks; aims to operate at 4.5x gearing to match industry benchmarks for high-rated players.

Competitive Moat

Moat is built on a long-standing mortgage franchise and a massive capital base (INR 22,106 Cr net worth). The IHC partnership provides a durable advantage in financial flexibility and debt-raising capacity.

Macro Economic Sensitivity

Highly sensitive to interest rate cycles and housing demand; robust customer demand is currently noted in the industry.

Consumer Behavior

Strong shift toward digital-first mortgage processing and demand for smaller-ticket mortgage loans in semi-urban areas.

Geopolitical Risks

The entry of Abu Dhabi-based IHC as a promoter introduces international strategic alignment but subjects the company to cross-border regulatory scrutiny.

⚖️ Regulatory & Governance

Industry Regulations

Received new NBFC-ICC registration from RBI in June 2024. Subject to RBI co-lending guidelines (updated Aug 2025) and requires CCI, RBI, and SEBI approvals for the IHC transaction.

Legal Contingencies

The company is managing the rundown of a legacy portfolio with potential provisioning risks; however, specific pending court case values were not disclosed in the provided text.