July 15, 2025
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Sammaan Capital NCD Tranche IV July 2025 Details & Guidance
NCD Issue Opens on 15 July 2025
NCD Issue Closes on 28 July 2025
# NCD Review/Guidance is given at the bottom of the post
About Sammaan Capital Limited
Established in 2005, Sammaan Capital Limited (formerly known as Indiabulls Housing Finance Limited) is a prominent player in the Indian mortgage finance sector. It is a non-deposit-taking housing finance company (HFC) registered with the National Housing Bank (NHB).
Sammaan Capital is one of India’s largest housing finance companies and serves as the flagship entity of the Indiabulls Group. The company provides a broad range of mortgage-based lending solutions, including:
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Home loans
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Loans against property for:
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Salaried individuals
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Self-employed professionals
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Micro, Small, and Medium Enterprises (MSMEs)
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Corporates
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Mortgage loans to real estate developers in the form of:
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Lease rental discounting for commercial properties
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Construction finance for residential projects
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As of June 30, 2025, Sammaan Capital operated a network of 218 branches across India and employed 1,279 direct sales personnel on a consolidated basis.
Get more details about the company @ https://www.sammaancapital.com/
NCD Promoter:
The company is a professionally managed company and does not have identifiable promoter.
NCD Rating
| S.No. | Rating Agency | NCD Rating | Outlook | Safety Degree | Risk Degree |
| 1 | Crisil Ratings Limited | CRISIL AA Stable” by CRISIL Ratings Limited | Stable | Very low credit risk | High degree of safety |
Sammaan Capital NCD Tranche IV July 2025 Detail
| Issue Open | July 15, 2025 – July 28, 2025 |
| Security Name | Sammaan Capital Ltd. |
| Security Type | Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) |
| Issue Size (Base) | Rs 100.00 Crores |
| Issue Size (Oversubscription) | Rs 100.00 Crores |
| Issue Price | Rs 1000 per NCD |
| Face Value | Rs 1000 each NCD |
| Minimum Lot size | 10 NCD |
| Market Lot | 1 NCD |
| Listing At | BSE |
| Basis of Allotment | First Come First Serve Basis |
| Debenture Trustee/s | Idbi Trusteeship Services Ltd. |
| Category | Allocation |
| Institutional | 30.00% |
| Non-Institutional | 10.00% |
| HNI | 30.00% |
| Retail | 30.00% |
| Total | 100.00% |
Sammaan Capital NCD Tranche IV July 2025 Coupon Rates
| Series 1 | Series 2 | Series 3 | Series 4 | Series 5 | Series 6 | Series 7 | Series 8 | Series 9 | Series 10 | Series 11 | Series 12 | Series 13 | Series 14 | Series 15 | Series 16 | Series 17 | Series 18 | Series 19 | Series 20 | Series 21 | Series 22 | Series 23 | Series 24 | Series 25 | Series 26 | |
| Frequency of Interest Payment | Annual | Monthly | Cumulative | Annual | Monthly | Cumulative | Annual | Monthly | Monthly | Annual | Monthly | Annual | Monthly | Annual | Monthly | Cumulative | Annual | Monthly | Cumulative | Annual | Monthly | Monthly | Annual | Monthly | Annual | Monthly |
| Nature | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Tenor | 24 Months | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months | 60 Months | 84 Months | 84 Months | 120 Months | 120 Months | 24 Months | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months | 60 Months | 84 Months | 84 Months | 120 Months | 120 Months |
| Coupon (% per Annum) | 8.75% | 8.42% | NA | 9.00% | 8.65% | NA | 9.40% | 9.02% | 9.02% | 9.60% | 9.20% | 9.70% | 9.30% | 8.75% | 8.42% | NA | 9.00% | 8.65% | NA | 9.40% | 9.02% | 9.02% | 9.60% | 9.20% | 9.70% | 9.30% |
| Effective Yield (% per Annum) | 8.75% | 8.75% | 8.75% | 8.99% | 9.00% | 9.25% | 9.39% | 9.40% | 9.40% | 9.84% | 9.85% | 9.94% | 9.96% | 8.75% | 8.75% | 8.75% | 8.99% | 9.00% | 9.25% | 9.39% | 9.40% | 9.40% | 9.84% | 9.85% | 9.94% | 9.96% |
| Amount on Maturity (In Rs.) | Rs 1,000.00 | Rs 1,000.00 | Rs 1,182.66 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,295.50 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000.00 | Rs 1,000 |
Sammaan Capital NCD Tranche IV July 2025 Details & Guidance
Objects of the Issue
The Company proposes to utilise the funds which are being raised through this Issue towards funding the following objects
- For onward lending, financing, and repayment of interest and principal of existing borrowings of the Company
- General corporate purposes.
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Financial Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 70,181.05 | 73,066.40 | 74,945.24 |
| Revenue | 8,683.25 | 8,624.77 | 8,725.79 |
| Profit After Tax | -1,807.46 | 1,214.39 | 1,129.69 |
| Net Worth | 21,621.02 | 19,539.29 | 17,091.73 |
| Amount in Rs. Crore | |||
Address of the Company
Sammaan Capital Limited
5th Floor, Building No. 27,
KG Marg Connaught Place,
New Delhi -110 001
NCD Lead Managers
Nuvama Wealth Management Limited
Elara Capital (India) Private Limited
Trust Investment Advisors Private Limited
NCD Registrar
Kfin Technologies Limited
Sammaan Capital NCD Subscription Status
| Category | Subscription |
| Retail | 0.00 X |
| HNI | 0.00 X |
| Non-Institutional | 0.00 X |
| Institutional | 0.00 X |
| Total | 0.00 X |
Sammaan Capital NCD Tranche IV July 2025
Sammaan Capital NCD Tranche IV July 2025 Review by Paresh Gordhandas, CA & Research Analyst
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Company Overview
Sammaan Capital Limited, formerly known as Indiabulls Housing Finance Limited, is a non-deposit-taking housing finance company (HFC) registered with the National Housing Bank (NHB). Established in 2005, the company operates a nationwide presence with 215 branches and a team of 1,433 direct sales personnel (as of June 30, 2024). As of March 31, 2024, its loan portfolio comprised 38.81% housing loans and 61.19% non-housing loans. -
Credit Rating
The Non-Convertible Debentures (NCDs) offered in this issue are rated “CRISIL AA/Stable” by CRISIL Ratings Limited, indicating a very low credit risk and a high degree of safety. -
Financial Performance
The company has maintained a strong performance in recent years, except for FY 2024–25, during which it reported a net loss of Rs. 1,807 crore. This was primarily due to an impairment of financial instruments amounting to Rs. 5,068.50 crore. However, this provisioning has helped significantly clean up the balance sheet and improve transparency in asset quality. -
Investment Recommendation
The coupon rates offered are marginally higher compared to peers. Given the risk-return profile of this NCD issue, a small allocation is recommended for investors seeking fixed-income opportunities with moderate risk exposure.
Sammaan Capital Limited, formerly Indiabulls Housing Finance Ltd, is a non-deposit-taking housing finance company registered with the National Housing Bank (NHB), with a pan-India presence through 215 branches.
The NCDs have been rated “CRISIL AA/Stable” by CRISIL Ratings, indicating a very low credit risk and high degree of safety.
The loss of Rs. 1,807 crore in FY 2024–25 was due to impairment provisions of Rs. 5,068.50 crore, helping clean the balance sheet and improve financial health.
As of March 31, 2024, 38.81% of the company’s portfolio consists of housing loans and 61.19% of non-housing loans.
Given the higher-than-average coupon rates and improved balance sheet, a small investment is recommended based on the risk-return profile.
