Sammaan Capital Limited, earlier known as Indiabulls Housing Finance Limited, has successfully raised ₹750 crore through the allotment of secured, rated, listed, redeemable non-convertible debentures (NCDs) on a private placement basis. This development comes as part of the company’s ongoing efforts to strengthen its funding base and maintain liquidity in a competitive lending environment.

The company informed stock exchanges that the allotment was completed on March 30, 2026, following approvals from its board and internal committees. This fundraising move reflects a broader trend among Non-Banking Financial Companies (NBFCs) to diversify their borrowing sources and optimise capital structure.

Key details of the NCD issue

The total issue size stands at ₹750 crore, comprising 75,000 NCDs, each with a face value of ₹1,00,000. These debentures carry a fixed coupon rate of 9.75 percent per annum, making them relatively attractive for institutional investors seeking stable returns.

The maturity date for the debentures is April 03, 2027, giving the instrument a remaining tenure of just over one year in this re-issuance structure. Interest payments will be made annually, along with the principal repayment at maturity.

These NCDs are proposed to be listed on both NSE and BSE, ensuring liquidity and tradability in the secondary market.

Structure and security of the debentures

One of the key highlights of the issue is that the NCDs are secured instruments, which means they are backed by underlying assets of the company. The security includes a charge on financial and non-financial assets, along with loan receivables of the company.

Importantly, the company has maintained a minimum security cover of 1.0 times the principal and interest amount. This ensures a level of protection for investors in case of any financial stress.

The charge on assets is created on a pari-passu basis, meaning all lenders share equal rights over the secured assets. However, certain high-quality liquid assets are excluded as per regulatory guidelines to maintain liquidity buffers.

Interest payment and cash flow structure

The NCDs offer a fixed annual interest payout, which provides predictability to investors. As per the disclosed cash flow structure, the investors will receive:

For the broader NBFC sector, such transactions indicate continued market confidence in debt instruments, despite macroeconomic uncertainties.

However, investors also need to consider factors such as credit risk, interest rate movements, and overall NBFC sector health before investing.

Market context and timing

The timing of this fundraising is notable, as the financial markets are currently experiencing tight liquidity conditions. Recently, the Reserve Bank of India (RBI) has taken steps such as liquidity injections and auction interventions to stabilise the system.

In such an environment, raising funds at a fixed rate helps companies hedge against future interest rate volatility.

Impact on company and sector

This ₹750 crore NCD allotment is expected to:

In recent years, regulatory changes and liquidity challenges have made it even more important for NBFCs to maintain a balanced funding mix.

Investor perspective on the issue

From an investor standpoint, this NCD issue offers several advantages:

Given the current environment of tight liquidity and rising interest rates, raising funds through NCDs allows companies like Sammaan Capital to secure capital at fixed costs.

Background of Sammaan Capital

Sammaan Capital Limited, formerly Indiabulls Housing Finance, is a prominent NBFC in India focused on housing finance and mortgage lending. Over the years, the company has undergone strategic transformation, including rebranding and restructuring, to strengthen governance and market positioning.

The company plays a significant role in providing home loans, loan against property, and other credit solutions, contributing to India’s housing finance ecosystem.

Why NCDs are important for NBFCs

For NBFCs, Non-Convertible Debentures are a crucial fundraising tool. Unlike bank loans, NCDs allow companies to:

This structure is particularly suitable for institutional investors such as mutual funds, insurance companies, and pension funds, which prefer stable and predictable returns.

Purpose of fundraising

While the company has not explicitly detailed the end use of funds in this disclosure, such fundraises are typically used for:

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