Sammaan Capital Limited has completed a significant debt fundraising exercise through the allotment of non-convertible debentures worth ₹750 crore. The company, formerly known as Indiabulls Housing Finance Limited, executed this private placement on March 30, 2026, following board authorization from September 3, 2025, and approval from the Securities Issuance and Investment Committee on March 24, 2026.

Debenture Issue Details

The company allotted 75,000 secured, rated, listed, taxable, redeemable, fully paid-up non-convertible debentures with specific terms designed to attract institutional investors.

Interest and Payment Structure

The debentures offer attractive returns with a fixed coupon structure and clear payment schedule for investors.

Security and Asset Coverage

The NCDs are secured through a comprehensive charge structure on the company's assets. The debentures are backed by a charge through hypothecation in favor of the Debenture Trustee on both financial and non-financial assets of the company, including present and future investments and loan assets. The security arrangement maintains a minimum asset coverage of 1.0 times the principal amount and interest, providing protection to debenture holders.

The company has obtained necessary consents from relevant debenture trustees and security trustees for creating pari passu charge in favor of the Debenture Trustee. However, certain High Quality Liquid Assets remain excluded from the hypothecated properties in accordance with RBI Liquidity Risk Management Framework requirements.

Cash Flow Structure

The illustrative cash flows demonstrate the return profile for investors holding the debentures until maturity.

Listing and Regulatory Compliance

The NCDs are proposed to be listed on both National Stock Exchange of India Limited and BSE Limited, providing liquidity options for investors in the secondary market. The issuance has been conducted under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring full regulatory compliance. The debentures carry both permanent ISIN (INE148I07SY1) and temporary ISIN (IN8148I07059) for trading and settlement purposes.

Sammaan capital Limited has received a significant rating upgrade from international credit rating agency Moody's, which has elevated the company's long-term corporate family rating to B1 with positive outlook from B2. This development follows the receipt of crucial regulatory approvals that position the company for enhanced growth prospects.

SEBI Approval Paves Way for Strategic Transaction

The rating upgrade comes after Sammaan Capital received final approvals from SEBI for the preferential issue of equity shares and warrants to Avenir Investment RSC Ltd. This proposed transaction involves Avenir Investment RSC Ltd, which is owned and controlled by International Holding Company PJSC. With all required approvals now in place, the company and the investor are engaged to conclude the proposed transaction at the earliest.

Comprehensive Rating Enhancement

Moody's upgrade extends beyond the corporate family rating, encompassing multiple aspects of the company's credit profile:

The company's ratings had been under review for upgrade since October 2025, indicating Moody's sustained positive assessment of the company's trajectory.

Key Factors Driving the Upgrade

Moody's cited several fundamental improvements in upgrading the credit rating:

• Asset Quality Improvement: Enhanced quality of the company's asset portfolio
• Capital Enhancement: Expected strengthening of the capital base
• Funding Access: Anticipated improvement in access to funding sources
• Liquidity Support: Better liquidity position supporting growth initiatives

Future Rating Prospects

With the positive outlook maintained on the B1 rating, Sammaan Capital is positioned for potential further upgrades. Following the conclusion of the proposed transaction and the entry of International Holding Company as its promoter, the company plans to engage with credit rating agencies to work towards additional rating improvements. This strategic approach demonstrates the company's commitment to maintaining strong credit metrics and enhancing its market position.