Sammaan Capital Strengthens Finances with ₹750 Crore NCD Issuance

Sammaan Capital Limited announced it has successfully raised ₹750 crore through secured, rated, and listed Non-Convertible Debentures (NCDs). The debentures, issued on March 30, 2026, carry a fixed annual interest rate of 9.75% and mature on April 3, 2027, offering investors a tenor of about 1.01 years. These NCDs will be listed on the National Stock Exchange of India (NSE) and BSE Limited.

The issuance adds to the company's capital base through debt financing. The NCDs are secured by a charge over its financial and non-financial assets, including loan assets. A minimum asset cover of 1.0 times the principal and interest amount is mandated.

Why This Matters

This debt issuance strengthens Sammaan Capital's funding structure by providing additional capital without diluting existing shareholder equity. It demonstrates the company's ability to access debt markets at a competitive rate of 9.75% to fund its operations.

The Backstory

Sammaan Capital Limited, formerly known as Indiabulls Housing Finance Ltd, operates as a housing finance company offering home loans and mortgage-related financial services across India. The company has a history of issuing Non-Convertible Debentures (NCDs) to raise capital, with previous issuances including ₹300 crore in December 2025 and ₹200 crore in July 2025.

In March 2026, Moody's upgraded the company's rating to B1 with a positive outlook, citing expected capital enhancement. However, the company faced significant stock volatility in November 2025 after the Supreme Court criticized investigative agencies' handling of past allegations. Sammaan Capital at the time maintained it had no defaults or ongoing investigations.

What Changes Now

The issuance increases Sammaan Capital's capital base by ₹750 crore. It also adds a structured debt repayment obligation for the NCDs due in April 2027. The NCDs are secured by the company's assets, providing lenders with collateral.

Risks to Watch

In case of default on interest or principal payments, the company will face an additional penalty interest of at least 2% annually for the period of default.

Peer Comparison

Sammaan Capital operates in the housing finance and NBFC sector. Companies like Bajaj Finance, HDFC Ltd, Muthoot Finance, and LIC Housing Finance also frequently tap debt markets via NCD issuances to fund their operations.

What to Track Next

• Debt Servicing: Monitor the company's ability to meet the fixed interest payments and principal repayment obligations for these NCDs.
• NCD Listing Performance: Observe how the newly allotted NCDs perform once listed on the NSE and BSE.
• Capital Structure: Track future capital raising activities and their impact on the company's debt-to-equity ratio.
• Regulatory Developments: Keep an eye on any news related to ongoing or past investigations, given the company's history.