Sammaan Capital Reports Full Utilization of QIP Proceeds, Majority of Rights Issue Funds Deployed

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.57%	-2.30%	+12.97%	+59.01%	+27.11%	-4.98%

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:

Particulars	Before Acquisition	Acquisition	After Acquisition
Shares Held	40,415,382	3,875,983	44,291,365
Percentage	4.86%	0.47%	5.33%

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:

Rebranding: The company, formerly known as Indiabulls Housing Finance Limited, has rebranded to Sammaan Capital Ltd.
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.
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.
Expansion Plans: Sammaan Capital plans to expand its branch network and increase its workforce significantly over the coming years.
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.