Sammaan Capital Ltd has allotted ₹775 crore of secured NCDs through private placement, split between ₹500 crore of three-year debt at 9.05% and ₹275 crore of five-year debt at 9.10%. The fundraising gives the company longer-term capital, while shareholders should track the resulting interest obligations and compliance with the stipulated 1.10-times minimum security cover.
Sammaan Capital Raises ₹775 Crore Through Secured NCDs
Total allotment: ₹775 crore across two secured NCD series.
Coupon rates: 9.05% for three years and 9.10% for five years.
Reader Takeaway: Longer-term funding strengthens capital availability, while higher debt brings fixed interest and security-cover obligations.
What just happened
Sammaan Capital Ltd completed the allotment of secured, rated, listed, taxable and redeemable non-convertible debentures on September 11, 2026 through a private placement.
The ₹775 crore fundraising is divided into two series with different maturities and coupon rates.
Series I comprises ₹500 crore of NCDs carrying an annual coupon of 9.05%. These securities have a three-year tenor and mature on September 11, 2029.
Series II totals ₹275 crore and carries a slightly higher annual coupon of 9.10%. Its five-year tenor takes maturity to September 11, 2031. Coupons on both series are payable annually.
Why this matters
For Sammaan Capital, the transaction provides funding with maturities extending three to five years rather than relying entirely on shorter-duration borrowing.
The cost is clearly defined. Based on the stated principal amounts and coupon rates, the two series together imply about ₹70.30 crore of annual coupon obligations while the full principal remains outstanding, before considering any other terms or changes in outstanding amounts.
The larger ₹500 crore tranche carries the lower 9.05% coupon, while the longer ₹275 crore tranche costs 9.10% annually.
What changes now
The NCDs are secured rather than unsecured obligations. Security is being created through hypothecation in favour of the Debenture Trustee over specified present and future financial and non-financial assets of Sammaan Capital, including investments and loan assets.
The terms require the company to maintain minimum asset/security cover of 1.10 times the principal amount and accrued interest.
That covenant is relevant for investors because it creates an ongoing requirement linked to the assets backing the debt rather than only a repayment obligation at maturity.
Risks to watch
The fundraising increases contractual interest obligations. Sammaan Capital must service annual coupons of 9.05% and 9.10% on the respective series and ultimately repay the principal at maturity.
The company must also maintain the stipulated 1.10-times security cover. In case of a payment default, the terms provide for additional interest of at least 2% per annum above the applicable coupon rate for the period of default.
These are contractual protections for debenture holders, but they also make timely debt servicing and adequate asset cover important indicators for equity investors.
What to track next
Shareholders should watch Sammaan Capital's borrowing costs, debt-servicing capacity and maintenance of the required security cover following the ₹775 crore issuance.
Future disclosures on how the raised capital is deployed will also help investors judge the economic benefit of taking on debt carrying annual coupons above 9%.