Gurugram, February 21, 2025 –
Sammaan Capital Limited (NSE: SAMMAANCAP/EQ, BSE: 535789), formerly known as Indiabulls Housing Finance Limited, has announced the launch of its Tranche III public issue of Secured, Redeemable, Non-Convertible Debentures (NCDs) with a total issuance size of ₹300 crore.Issue Details:
- Instrument Type: Secured, redeemable, non-convertible debentures
- Base Issue Size: ₹100 crore
- Green Shoe Option: Up to ₹200 crore
- Total Tranche III Issue Size: ₹300 crore
- Shelf Limit: ₹2,000 crore
- Issue Opening Date:February 27, 2025
- Issue Closing Date:March 12, 2025
- Stock Exchange Listing: NSE & BSE (BSE as designated stock exchange)
Credit Ratings:
- CRISIL Ratings Ltd.:CRISIL AA/Stable
- ICRA Ltd.:[ICRA]AA (Stable)
Key Terms of NCDs:
| Series | Tenor | Interest Payment Frequency | Coupon Rate (Category I & II) | Coupon Rate (Category III & IV) | Effective Yield (Category III & IV) |
|---|---|---|---|---|---|
| I | 24 months | Annual | 9.25% | 9.65% | 9.65% |
| II | 24 months | Monthly | 8.88% | 9.25% | 9.65% |
| III | 24 months | Cumulative | N/A | N/A | 9.65% |
| IV | 36 months | Annual | 9.40% | 9.90% | 9.90% |
| V | 36 months | Monthly | 9.02% | 9.48% | 9.90% |
| VI | 36 months | Cumulative | N/A | N/A | 9.90% |
| VII | 60 months | Annual | 9.65% | 10.15% | 10.15% |
| VIII | 60 months | Monthly | 9.25% | 9.71% | 10.15% |
| IX | 84 months | Annual | 10.00% | 10.50% | 10.49% |
| X | 84 months | Monthly | 9.57% | 10.03% | 10.48% |
| XI | 120 months | Annual | 10.25% | 10.75% | 10.74% |
| XII | 120 months | Monthly | 9.80% | 10.25% | 10.73% |
| XIII | 60 months | Monthly | 9.25% | 9.71% | 10.15% |
Security & Redemption Terms
- Security: The NCDs are secured by a pari passu charge over the company's present and future loan assets, ensuring a minimum security cover of 1.25x on principal and interest.
- Redemption: Different tenors with staggered redemption options across Series VII to XII, ranging from three to eight annual payments.
- Mode of Interest Payment: Various options, including annual, monthly, and cumulative structures.
Company Statement
"This issuance aligns with our objective of optimizing our capital structure while offering competitive returns to investors," said Amit Kumar Jain, Company Secretary & Compliance Officer, Sammaan Capital Limited. "The strong credit ratings reflect our robust financial position and our commitment to prudent risk management."Investor Outlook
With interest rates ranging up to 10.75% per annum, the NCDs cater to both institutional and retail investors looking for secured, high-yield instruments. Investors can apply for a minimum investment of ₹10,000 (10 NCDs), with subsequent applications in multiples of ₹1,000 per NCD.The NCDs will be listed on BSE and NSE, providing liquidity to investors. The company retains the option to close the issue early based on demand.