Sammaan Capital allots ₹750 crore NCDs at coupons up to 9.75%
- Sammaan Capital allotted ₹750 crore NCDs across three equal series of ₹250 crore each
- Coupon rates range from 9.05% for Series III to 9.75% for Series I
- Maturity dates span from April 2028 to September 2029 depending on the series
- Debentures are secured by a first pari-passu charge on assets excluding HQLA
*this image is generated using AI for illustrative purposes only.
Sammaan Capital Limited allotted ₹750 crore worth of secured, rated, listed, taxable, redeemable, fully paid-up non-convertible debentures (NCDs) on a private placement basis. The allotment, executed on September 25, 2026, comprises three distinct series with coupon rates ranging from 9.05% to 9.75% per annum.
The issuance was authorized by the Board on May 20, 2026, and approved by the Securities Issuance and Investment Committee on September 22, 2026. The debentures are proposed to be listed on both the National Stock Exchange of India Limited and BSE Limited. The security is backed by a first pari-passu charge by way of hypothecation on the company's financial and non-financial assets, including loan assets, excluding High Quality Liquid Assets as defined under the RBI LRM Framework.
Series-wise allotment details
The total ₹750 crore raise is evenly distributed across three series, each with a face value of ₹1,00,000 per debenture. The specific terms for each series are outlined below:
| Particulars | Series I | Series II | Series III |
|---|---|---|---|
| Issue Size | ₹250 crore | ₹250 crore | ₹250 crore |
| Coupon Rate | 9.75% p.a. | 9.45% p.a. | 9.05% p.a. |
| Maturity Date | April 12, 2028 | June 19, 2028 | September 11, 2029 |
| Re-issuance Tenor | 1.55 years | 1.73 years | 2.96 years |
| Original Tenor | 3.67 years | 3 years | 3 years |
Security and redemption terms
The NCDs carry a minimum asset/security cover of 1.10 times of the principal amount and interest thereon. In the event of default in payment of interest or principal redemption on due dates, an additional interest of at least 2% per annum over the coupon rate shall be payable by the company for the defaulting period. Interest is payable annually from the date of allotment and at maturity.
What the numbers show
A clear inverse relationship exists between the re-issuance tenor and the coupon rate offered across the three series. Series I, with the shortest remaining life of 1.55 years, commands the highest coupon at 9.75%, while Series III, with the longest remaining life of 2.96 years, offers the lowest coupon at 9.05%. This structure suggests the company is pricing shorter-duration liabilities at a premium, potentially reflecting immediate liquidity needs or market yield curve dynamics at the time of allotment.
Historical Stock Returns for Sammaan Capital
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.04% | -1.14% | -5.89% | +1.51% | +3.92% | -30.16% |
How will the ₹750 crore capital infusion impact Sammaan Capital's Asset-Liability Mismatch (ALM) profile given the staggered maturity dates in 2028 and 2029?
What is the expected effect of this private placement on Sammaan Capital's Net Interest Margin (NIM), considering the coupon rates range from 9.05% to 9.75%?
How might this issuance influence investor sentiment and secondary market trading volumes for Sammaan Capital's existing listed debt instruments on NSE and BSE?
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