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US assets management giant Capital Group, one of the biggest foreign funds in India that globally manages over $2.6 trillion, has picked up a 5% stake in Sammaan Capital (formerly Indiabulls Housing Finance) in its latest qualified institutional placement (QIP) round that was worth Rs 1,300 crore. Other marquee investors in the Indian mortgage financing company's QIP were BlackRock and Marshall Wace, both global assets management giants. Sammaan Capital informed the exchanges about the closure of its QIP. In this fund raising round the company allotted nearly 8.7crore share at Rs 150 per share. Smallcap World Fund run by Capital Group picked up nearly 3.2crore share of the company for Rs 479 crore, translating to almost 37% of the total fund mobilised through the QIP. With the entry of the Capital Group, the top five institutional investors in Samman Capital now also include Plutus, LIC, Vanguard and Marshall Wace. These five institutional investors together now hold about 21% of the company.

Capital Group Buys 5% in Sammaan Capital

Sammaan Capital, a leading financial partner for India's middle class, is proud to announce the launch of its brand-new campaign, 'Hum Ho Gaye Kamyaab' celebrating the dreams, struggles, and triumphs of millennials across India. This powerful campaign highlights the journey of the modern Indian middle class and positions Sammaan Capital as a trusted financial partner that stands by its customers every step of the way. For generations, the dream of owning a home or growing a business has been deeply embedded in the aspirations of middle-class Indians. These goals go beyond financial milestones—they reflect emotional fulfilment, social standing, and core cultural values that shape the Indian identity.

Sammaan Capital Unveils ‘Hum Ho Gaye Kamyaab’ Campaign

International Holding Company (IHC), through its affiliate Avenir Investment RSC Ltd, has entered into an agreement to acquire a 43.46% stake in Sammaan Capital for $1 billion (₹8,850 crore). Announced in October 2025, this landmark investment represents one of the largest foreign capital infusions in India’s NBFC sector. The deal, which involves a preferential allotment of shares and warrants, has recently received approval from the Competition Commission of India (CCI) and will eventually see IHC classified as a promoter of the company.

Abu Dhabi's IHC gets CCI nod to acquire stake in Sammaan Capital

Sammaan Capital has pivoted to a low-risk, asset-light model, targeting a 60:40 housing-to-LAP split via bank co-origination (Rs 4,548 crore disbursed in H1 2026). Following a Rs 1,807 crore FY25 loss—caused by a one-time Rs 4,050 crore legacy provision—the group rebounded to a Rs 643 crore PAT (1.53% RoMA) in H1 2026. Success now hinges on scaling this co-lending strategy to drive granular, fee-based income while maintaining asset quality.

Sammaan’s Rs 5,012 crore commercial book (8% of AUM) remains high-risk due to concentration, with the top 10 exposures forming 65% of the portfolio (median rating 'B/BB'). To mitigate this, the group is shifting to an AIF platform, with one fund active and two pending approval. Despite the portfolio's shrinkage since 2019, large-ticket stress remains a critical monitorable for future profitability.


The issuer has made timely interest payment 

Gagan Banga, Vice Chairman, MD & CEO

Sammaan Capital’s net worth grew to Rs 22,373 crore by September 2025, driven by a Rs 4,939 crore equity raise and a Rs 643 crore H1 profit. With a 35.7% CAR, 1.7x net gearing, and a proposed Rs 8,850 crore infusion, the group maintains a robust capital cushion that comfortably offsets legacy losses and supports its risk profile.


Sammaan’s GNPAs improved to 1.36% by September 2025, with mortgage stress at 1.03% and commercial stress at 5.31%. The legacy book shrank to Rs 22,285 crore, supported by 60% LTVs. Success now hinges on recovering Rs 4,546 crore in security receipts and sustaining asset quality under its new retail-led, asset-light strategy.


Sammaan Capital has pivoted to an asset-light NBFC, shifting from legacy assets to retail co-lending. By September 2025, Retail Growth AUM reached Rs 41,719 crore (65%), while the legacy book shrank to Rs 22,285 crore. Total AUM stands at Rs 64,004 crore (73% Housing, 19% LAP). Despite a 5% FY25 dip, AUM grew 2.7% in H1 2026 as the company traded its 79% own-book share for a more granular, capital-efficient model.


Security Name: 8.80% Sammaan Capital Limited 03 Nov 2025

ISIN: INE148I07MQ0

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