BlackRock, Inc. , the world's largest asset manager, has increased its shareholding in Sammaan Capital Ltd (formerly known as Indiabulls Housing Finance Limited) to 5.33% through on-market transactions. The investment firm acquired an additional 3,875,983 shares, representing 0.47% of the company, bringing its total holding to 44,291,365 shares from the previous 40,415,382 shares.

Stake Increase Details

The acquisition, completed on October 31, 2025, triggered disclosure requirements as BlackRock's aggregate holdings moved above the 5% threshold. Here's a breakdown of the transaction:

Sammaan Capital has a total equity share capital of 831,383,143 shares. BlackRock holds these shares on behalf of discretionary management clients and is not part of the promoter group.

Sammaan Capital's Recent Developments

While this stake increase is significant, it's worth noting that Sammaan Capital has been undergoing major changes:

1. Rebranding: The company, formerly known as Indiabulls Housing Finance Limited, has rebranded to Sammaan Capital Ltd.

2. Strategic Investment: Sammaan Capital recently announced a proposed preferential allotment to International Holding Company (IHC) via their subsidiary Avenir Investment RSC Limited. The transaction, valued at INR 8,850 crores, would give IHC a 41.2% stake on a fully diluted basis.

3. Business Transformation: The company is transitioning from a 'peculiar situation' to a more stable entity with strong parentage. It aims to normalize its operations and growth trajectory by fiscal year 2026-27.

4. Expansion Plans: Sammaan Capital plans to expand its branch network and increase its workforce significantly over the coming years.

5. Product Diversification: The company is evaluating various product lines to address the needs of its target low to mid-income segments, with plans to go beyond mortgages and become a general-purpose NBFC.

Financial Outlook

Sammaan Capital reported a profit of INR 308.00 crores in the most recent quarter, a turnaround from a loss of INR 2,761.00 crores in the same quarter last year. The company's net worth has increased to INR 22,373.00 crores, with a growth AUM (Assets Under Management) approaching INR 42,000.00 crores.

The company is targeting to increase its annualized disbursals from the current INR 15,000.00 crores to INR 35,000.00 crores by fiscal year 2026-27. However, specific financial targets and strategies are under revision following the recent developments and incoming strategic investment.

Sammaan Capital Limited, formerly known as Indiabulls Housing Finance, has announced a significant development that could reshape its future trajectory. The company has secured a substantial investment of INR 8,850 crore from International Holding Company (IHC), marking a pivotal moment in its growth strategy.

Investment Details and Strategic Implications

International Holding Company, through its subsidiary Avenir Investment RSC Limited, is set to acquire a 41.2% stake in Sammaan Capital on a fully diluted basis at INR 139.00 per share. This move could potentially increase to a 63.4% stake, as IHC has also made an open offer to acquire an additional 26% of the company.

The investment has already shown positive impacts:

• Borrowing costs have decreased, with Sammaan Capital raising a $450 million dollar bond at 150 basis points lower than previous issuances.
• Moody's has placed the company on review for a possible rating upgrade.

Financial Performance Highlights

Sammaan Capital's Q2 results reflect a strong financial position:

This profit marks a significant turnaround from a loss of INR 2,761.00 crore in the same quarter of the previous year.

Expansion Plans and Future Outlook

With the infusion of new capital, Sammaan Capital is poised for substantial growth:

• Plans to increase annual disbursals from INR 15,000.00 crore to INR 35,000.00 crore in the next fiscal year.
• Focus on expanding the retail mortgage business while exploring additional product lines.
• Aim to grow the branch network three to fourfold and increase workforce fourfold.

Regulatory Developments

Recent regulatory changes have positively impacted Sammaan Capital's asset-light strategy:

• New co-lending regulations allow for partnerships beyond just banks, including all India financial institutions.
• Minimum retention ratio for co-lending reduced from 20% to 10%, potentially improving ROA.

Management's Perspective

Gagan Banga, Managing Director and CEO, emphasized the company's transformation:

"We are emerging out of a peculiar situation, and we should be running like a normal company. Fiscal '27 and '28 would be sort of catch-up years in terms of the loan book, AUM, and disbursals."

Banga also highlighted the importance of the existing management team in this transition, stating, "This is sort of acqui-hire that they have done... The mandate to me is to keep my core team together and make sure that they stay together for the next few years because there is a lot of work which needs to get done."

As Sammaan Capital embarks on this new chapter, the management remains focused on growth, technological advancements, and expanding its product suite, while maintaining its core strength in the mortgage business. The coming quarters will be crucial as the company integrates the new investment and refines its strategy for the future.