Sammaan Capital Raises ₹300 Crore Through Non-Convertible Debentures

Sammaan Capital Limited, formerly known as Indiabulls Housing Finance Limited, has successfully raised ₹300 crore through the allotment of secured, rated, listed non-convertible debentures (NCDs) on December 9, 2025. This private placement comprises two series of NCDs with different interest payment frequencies and rates.

NCD Allotment Details

Particulars	Series I	Series II
Amount Raised	₹200.00 crore	₹100.00 crore
Interest Rate	8.79%	8.86%
Interest Payment	Monthly	Quarterly
Number of NCDs	20,000	10,000
Face Value per NCD	₹1,00,000	₹1,00,000
Maturity Date	December 9, 2030	December 9, 2030

Both series of NCDs are secured by a charge on the company's financial and non-financial assets, including present and future loan assets. The debentures will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Security and Asset Coverage

The NCDs are backed by a minimum asset coverage ratio of 1.1 times the principal amount and accrued interest. This security is created through hypothecation of the company's assets in favor of the Debenture Trustee.

Financial Position

As of March 2025, Sammaan Capital's consolidated balance sheet shows:

Metric	Amount (₹ crore)	YoY Change
Total Assets	70,181.00	-3.95%
Total Equity	21,822.40	10.26%
Current Assets	9,894.30	-19.57%
Investments	14,219.00	90.71%

The increase in investments and the growth in total equity indicate a shift in the company's asset allocation and a strengthening of its capital base.

Implications for Investors

This NCD issuance provides investors with a fixed-income opportunity in the real estate financing sector. The different interest payment frequencies (monthly and quarterly) cater to varied investor preferences for cash flow. The secured nature of the debentures, coupled with the company's asset coverage ratio, offers a level of protection to investors.

However, potential investors should note the recent decline in the company's total assets and current assets, which may warrant a closer look at the company's overall financial health and growth strategy.

Investors are advised to conduct their own due diligence and consider their risk appetite before investing in any financial instrument.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.32%	-6.00%	-7.36%	-19.00%	+14.58%	-12.92%

Sammaan Capital Limited , formerly known as Indiabulls Housing Finance Limited, has released its monitoring agency reports for the quarter ended September 30, 2025, detailing the utilization of proceeds from its Qualified Institutional Placement (QIP) and Rights Issue.

QIP Proceeds Fully Utilized

The company raised Rs. 13,000.00 million through its QIP, with net proceeds amounting to Rs. 12,648.90 million. As of September 30, 2025, Sammaan Capital has fully utilized the funds allocated for augmenting its capital base, amounting to Rs. 9,593.90 million. This was completed during the quarter ended March 31, 2025.

For general corporate purposes, the company has utilized Rs. 3,039.06 million out of the allocated Rs. 3,055.00 million, leaving a small balance of Rs. 15.94 million unutilized.

Rights Issue Funds Largely Deployed

The Rights Issue raised gross proceeds of Rs. 36,933.98 million, with net proceeds of Rs. 36,134.68 million. As of the latest report, the company has utilized a significant portion of these funds:

Purpose	Allocated (Rs. million)	Utilized (Rs. million)	Unutilized (Rs. million)
Augmenting capital base	27,341.10	27,108.81	232.29
General corporate purposes	8,793.58	8,722.22	71.36
Total	36,134.68	35,831.03	303.64

No additional proceeds were received during the reported quarter. The cumulative gross proceeds received till September 30, 2025, stand at Rs. 36,632.47 million, with the remaining Rs. 301.53 million yet to be received through subsequent calls.

No Deviations Reported

CRISIL Ratings Limited, the appointed monitoring agency, reported no deviations from the stated objectives for both the QIP and Rights Issue. The funds have been utilized in line with the purposes outlined in the respective offer documents.

Management Changes

In a separate announcement, Sammaan Capital reported changes in its management team. Mr. Vinay Gupta has been appointed as the Chief Compliance Officer, effective November 6, 2025, replacing Mr. Somil Rastogi. Mr. Rastogi has transitioned to the role of SMP and Head – Credit & Policy.

Mr. Gupta brings over two decades of experience in compliance, legal, and company secretarial functions within the BFSI sector. His expertise includes regulatory compliance, risk management, corporate governance, and strategic legal advisory.

These reports and management changes reflect Sammaan Capital's commitment to transparency and strategic growth as it continues to strengthen its position in the non-banking financial sector.