Sammaan Capital Limited (formerly Indiabulls Housing Finance) NCD
Rates, tenures, credit rating and current status for Sammaan Capital Limited (formerly Indiabulls Housing Finance)'s non-convertible debentures (NCDs) — updated at each new issue.
Sammaan Capital Limited is a large listed non-banking financial company (NBFC-ICC) that most Indian investors still know as Indiabulls Housing Finance Limited. Following an RBI re-registration as an NBFC-Investment and Credit Company, the company's name changed from 'Indiabulls Housing Finance Limited' to 'Sammaan Capital Limited' with effect from 26 July 2024, and its NSE/BSE ticker changed from IBULHSGFIN to SAMMAANCAP the same day. Its lending book is predominantly retail mortgage — home loans and loans against property — but total AUM of roughly ₹53,160 crore as of 31 March 2026 also includes gold loans and unsecured business/personal loans, and the company is shifting to an asset-light, co-lending model as it builds out these newer segments.
Like most NBFCs, Sammaan funds its lending partly through borrowings, and it has been a frequent retail NCD issuer — running four public NCD tranches between September 2024 and July 2025 (Tranche I to Tranche IV), alongside institutional private placements not open to the public. (The first issue's shelf and Tranche I prospectus were dated 28 August 2024, but retail subscription opened on 6 September 2024.) Its credit standing improved sharply in 2026 after a large equity investment by Abu Dhabi's International Holding Company (IHC), made through Avenir Investment RSC Ltd. IHC's roughly ₹5,652.75 crore preferential allotment of shares and subscription warrants closed on 31 March 2026, but the full ~₹8,850 crore commitment completes only if IHC exercises those warrants (payable within about 18 months, by around 30 September 2027); IHC was formally classified as promoter on 15 May 2026, after its mandatory open offer completed. Net worth stood at about ₹18,991 crore at 31 March 2026 (after a large FY26 book loss driven by accelerated provisioning), and CRISIL, CARE and ICRA all upgraded the company's long-term rating to AA+/Stable in April–May 2026, up from AA. The company also reported zero gross and net NPAs at March 2026. It still carries a legacy book (about ₹5,654 crore of security receipts) from the Indiabulls era, and the market remembers Indiabulls Housing Finance's severe funding stress during the 2019–20 NBFC crisis — so the paper is solidly investment-grade and now higher-rated, but it is corporate credit, not a risk-free deposit.
Credit rating: CRISIL's long-term rating on Sammaan Capital's bank facilities, subordinated debt and public (retail) NCDs is AA+/Stable; its separate short-term rating on commercial paper and short-term NCDs is A1+. CRISIL upgraded the long-term rating to AA+/Stable from AA on 9 April 2026 (and removed it from 'Rating Watch with Developing Implications') after IHC's investment, then reaffirmed AA+/Stable and A1+ on 28 May 2026. CARE (AA+/Stable, 12 May 2026) and ICRA (AA+/Stable, 20 May 2026) also upgraded from AA in April–May 2026. Note the A1+ short-term rating applies to commercial paper / short-term NCDs, not to the public retail NCD tranches. Verify the live rating on the issuer's Credit Ratings page and the agencies before investing.
Latest public NCD issue — Tranche IV (July 2025): coupons by investor category, tenure & effective yield
| Tenure | Coupon (Cat I & II) — annual / monthly | Coupon (Cat III & IV, retail) — annual | Effective yield (retail, up to) |
|---|---|---|---|
| 24 months (2 yr) | 8.75% / 8.42% | 8.75% | 8.75% |
| 36 months (3 yr) | 9.00% / 8.65% | 9.00% | 9.00% |
| 60 months (5 yr) | 9.40% / 9.02% | 9.40% | 9.40% |
| 84 months (7 yr) | 9.60% / 9.20% | 9.85% | 9.85% |
| 120 months (10 yr) | 9.70% / 9.30% | 9.95% | 9.96% |
Category I (institutional) and Category II (non-institutional/corporate) received the base coupons shown; Category III (HNI) and Category IV (retail individual) investors received an extra ~0.25% incentive on the 7-year and 10-year series, lifting their annual coupon to 9.85% and 9.95% and the effective yield to as much as 9.96% p.a. on the 10-year monthly-interest option. So the overall coupon range was about 8.42% (2-yr monthly) to 9.95% (10-yr retail annual) — the 9.70% often quoted is only the Category I & II base coupon. Tranche IV also offered cumulative (compounded) options at each tenure (e.g., ₹1,000 grows to ₹1,182.66 at 24 months and ₹1,295.50 at 36 months). Exact per-series terms are in the prospectus dated 8 Jul 2025. Face value ₹1,000. Rated CRISIL AA/Stable and ICRA AA/Stable at the time of issue (the issuer was later upgraded to AA+). Figures for illustration; verify against the prospectus / BSE/NSE. Source: Chittorgarh, IPO Watch.
Tranche IV issue snapshot
| Item | Detail |
|---|---|
| Issue open | 15 July 2025 |
| Issue close | 28 July 2025 |
| Instrument | Secured, redeemable, non-convertible debentures (NCDs) |
| Face value / issue price | ₹1,000 per NCD |
| Minimum application | 10 NCDs (₹10,000) |
| Issue size | Base ₹100 cr + green-shoe up to ₹100 cr (₹200 cr) under the shelf |
| Rating at issue | CRISIL AA/Stable; ICRA AA/Stable |
| Subscription | ~2.15x overall (retail ~3.37x) |
| Listing | BSE and NSE |
| Registrar | KFin Technologies Limited |
As of 9 Jul 2026 this issue is closed and listed. Confirm current market price and yield on BSE/NSE before buying on the secondary market.
Public NCD issue history (Sammaan Capital / ex-Indiabulls)
| Public issue | Subscription window | Rating at issue | Status |
|---|---|---|---|
| Tranche I | 6–19 Sep 2024 (prospectus dated 28 Aug 2024) | AA level (CRISIL/ICRA) | Closed & listed |
| Tranche II | 9–20 Dec 2024 (prospectus dated 5 Dec 2024) | AA level (CRISIL/ICRA) | Closed & listed |
| Tranche III | 27 Feb – 12 Mar 2025 | AA level (CRISIL/ICRA) | Closed & listed |
| Tranche IV | 15 – 28 Jul 2025 | CRISIL AA/Stable; ICRA AA/Stable | Closed & listed (latest) |
All four public tranches carried AA-level ratings; the issuer was upgraded to AA+ in Apr–May 2026 after the IHC investment. Retail subscription for Tranche I opened 6 Sept 2024 (its shelf and Tranche I prospectus were dated 28 Aug 2024), so the public-tranche run is Sept 2024–Jul 2025. Tranche dates from Sammaan Capital's public-issue page and the registrar/aggregators. Separately, the company continues to raise debt via private placements (e.g., ~₹300 cr in Dec 2025 at 8.79–8.86%) that are NOT open to retail applicants.
How to apply or buy
- When a public issue is open: NCDs are offered via the ASBA process. Apply through your stockbroker's or bank's online bond/NCD section, or through bank net-banking ASBA, which blocks the money in your bank account until allotment. The minimum is usually 10 NCDs (₹10,000 at ₹1,000 face value). UPI-ASBA can be used for applications up to ₹5 lakh; larger amounts use bank net-banking ASBA. Pick your series (tenure plus monthly / annual / cumulative payout) before applying — and note that retail (Category III & IV) applicants may get a small coupon incentive on the longer tenures.
- NCDs are credited to your demat account; interest and maturity proceeds are paid to your linked bank account. You do not need to sell — you can hold to maturity for the fixed coupon.
- Between public issues (the situation as of 9 Jul 2026): there is no new issue to apply for. You can instead buy Sammaan Capital's already-listed NCDs on the BSE/NSE secondary market through any demat/broker account, or via a SEBI-registered online bond platform. Secondary prices move with interest rates and retail NCD liquidity is thin, so check the last traded price, the traded yield and the volume before buying.
- For a past public issue, check allotment and refund status with the registrar, KFin Technologies, using your PAN / application number / DP-ID, and confirm the holding in your demat statement. Always verify the live issue status on the issuer's site and BSE/NSE before acting.
The risk
Sammaan Capital NCDs are corporate debt from an NBFC, not a bank deposit — there is no DICGC deposit insurance, and repayment depends entirely on the issuer's solvency. The current rating is strong (long-term AA+/Stable from CRISIL, CARE and ICRA as of Apr–May 2026, backed by IHC's equity investment — partly infused on 31 Mar 2026, the balance tied to warrant conversion by around Sep 2027 — and zero reported NPAs), and the public-issue NCDs are secured. But context matters: the company's predecessor, Indiabulls Housing Finance, went through severe funding stress and a share-price collapse in 2019–20 during the post-IL&FS/DHFL NBFC crisis — and DHFL, a peer housing-finance NBFC, actually defaulted on its retail NCDs. Sammaan is far stronger today, but AA+ is still one notch below the safest AAA, the business is mid-turnaround with execution risk, and a legacy security-receipts book is still being wound down. Invest only money you can hold to maturity, size the exposure sensibly, and do not treat NBFC NCD yields as guaranteed.
Sources
- https://www.sammaancapital.com/public-issue-of-ncd
- https://www.sammaancapital.com/credit-ratings
- https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/SammaanCapitalLimited_April%2009_%202026_RR_393429.html
- https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/SammaanCapitalLimited_May%2028_%202026_RR_396979.html
- https://www.chittorgarh.com/bond/sammaan-capital-ncd-tranche-i-september-2024/307/
- https://www.chittorgarh.com/bond/sammaan-capital-ncd-tranche-iv-july-2025/347/
- https://ipowatch.in/sammaan-capital-ncd-tranche-iv-july-2025/
- https://chanakyanipothi.com/ncd_issues/sammaan-capital-ncd-tranche-iv-july-2025-details-review/
- https://www.sammaancapital.com/downloads/Sammaan-Classification-of-IHC-as-Promoter-15-May-2026
- https://www.business-standard.com/amp/industry/news/ihc-becomes-promoter-of-sammaan-capital-after-completing-open-offer-126051501489_1.html
- https://www.smifs.com/files/downloads/638573214006076484_Change%20in%20name%20and%20symbol%20of%20IndiaBulls%20Housing%20Finance%20Limited%20w.e.f.%20July%2026,%202024.pdf
- https://www.business-standard.com/companies/news/crisil-upgrades-shriram-finance-to-aaa-sammaan-capital-to-aa-rating-126041001012_1.html
- https://hdfcsky.com/news/sammaan-capital-announces-rs-300-crore-via-ncds
- https://www.exchange4media.com/marketing-news/indiabulls-housing-finance-limited-rebranded-as-sammaan-capital-limited-135503.html
NCDs are debt of a company and carry credit risk — you can lose money if the issuer defaults. This page is information, not investment advice; verify the current issue terms and credit rating before applying. Facts last verified July 2026.
All NCD trackersFrequently asked
What people ask about Sammaan Capital Limited (formerly Indiabulls Housing Finance) NCDs.
In the most recent public issue, Tranche IV (July 2025), coupons ranged from about 8.42% (the 2-year monthly-interest series) up to 9.95% p.a. for retail investors (Category III & IV) on the 10-year series; the base coupon for institutional Category I & II investors topped out at 9.70%. Effective yields reached up to 9.96% p.a. on the 10-year monthly-interest series for retail. No public issue is open as of 9 Jul 2026, so there is no fresh coupon on offer right now — the already-listed NCDs trade on BSE/NSE at prevailing market yields, which differ from the original coupon.
The public retail NCDs carry a long-term rating of AA+/Stable from CRISIL, CARE and ICRA (as of Apr–May 2026) — a high-safety, investment-grade rating — and are secured. (CRISIL's A1+ is a separate short-term rating on the company's commercial paper and short-term NCDs, not on the retail tranches.) That said, they are NBFC debt, not a bank FD: there is no deposit insurance, AA+ is one notch below the safest AAA, and the issuer (formerly Indiabulls Housing Finance) is still executing a business turnaround. Safe relative to lower-rated NBFC paper, but not risk-free.
For a public issue, check allotment with the registrar, KFin Technologies, on its investor/IPO status page using your PAN, application number or DP-ID/client-ID, or check with your broker and your demat statement. For Tranche IV, allotment followed the 28 July 2025 close. As of 9 Jul 2026 no issue is open, so there is no live allotment to track.
During a public issue, apply via ASBA — through your broker's or bank's online NCD section or bank net-banking (minimum 10 NCDs / ₹10,000), with UPI-ASBA available up to ₹5 lakh. Between issues, as now, buy the already-listed Sammaan Capital NCDs on the BSE/NSE secondary market through any demat/broker account or a SEBI-registered online bond platform, checking the traded yield and liquidity first.
Yes. Indiabulls Housing Finance Limited was renamed Sammaan Capital Limited with effect from 26 July 2024, after re-registering with the RBI as an NBFC-ICC. The NSE/BSE symbol changed from IBULHSGFIN to SAMMAANCAP on the same date. It is the same listed entity under a new name, so 'Indiabulls Housing NCD' and 'Sammaan Capital NCD' refer to the same issuer.
No. As of 9 Jul 2026 there is no public NCD issue open. The most recent was Tranche IV, open 15–28 July 2025. New tranches, when launched, are announced on Sammaan Capital's website and filed with BSE/NSE — always confirm the live status there before applying.