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

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:

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.

Sammaan Capital has recently issued a statement addressing allegations made in a petition, firmly denying all claims against the company. The company has also confirmed that Sameer Gehlaut, a prominent figure associated with the organization, has severed ties with Sammaan Capital.

Key Points

Denial of Allegations

Sammaan Capital has categorically denied all allegations mentioned in a recent petition. The nature and specifics of these allegations were not disclosed in the company's statement.

No FIR Filed

Sammaan Capital announced that no First Information Report (FIR) was ordered against the company during court proceedings held on Wednesday. This clarification addresses potential concerns about legal proceedings involving the company.

Gehlaut's Departure

The company clarified that Sameer Gehlaut left Sammaan Capital during the 2022-23 financial year.

Ownership Status

Sammaan Capital stated that Sameer Gehlaut no longer holds any shares in the company.

Management Structure and Major Shareholders

Sammaan Capital has stated that it operates under a professional management structure. The company disclosed that Life Insurance Corporation (LIC) and BlackRock serve as its main shareholders.

The statement from Sammaan Capital appears to be aimed at addressing concerns and maintaining transparency with its stakeholders. By clarifying Gehlaut's departure, current ownership status, management structure, and the absence of an FIR, the company seems to be distancing itself from any potential controversies or allegations that might be linked to his previous involvement.

The presence of major institutional investors like LIC and BlackRock as main shareholders may provide additional credibility to the company's professional management claim.