Indiabulls Housing Finance Ltd has undergone a significant transformation and rebranded itself as Sammaan Capital Ltd, marking a shift from its previous promoter-led structure to a board-run, diversified financial institution. This change follows the company’s receipt of the Certificate of Incorporation from the Registrar of Companies (RoC) and a new Certificate of Registration (CoR) as an NBFC-ICC (Non-Banking Financial Company – Investment and Credit Company).
Transition to Sammaan Capital Ltd
In a regulatory filing, Sammaan Capital announced, “With the receipt of Certificate of Incorporation issued by the Registrar of Companies [RoC], and receipt from the RBI of new Certificate of Registration [CoR] as an NBFC-ICC [Non-Banking Financial Company – Investment and Credit Company], the Company’s name stands changed from ‘Indiabulls Housing Finance Limited’ to ‘Sammaan Capital Limited’.”
The company has initiated the process to change its name officially with the stock exchanges and implement trading under its new name and symbol. The Memorandum of Association and Articles of Association have been amended to reflect the new name, replacing all instances of ‘Indiabulls Housing Finance Limited’ with ‘Sammaan Capital Limited’.
Governance and Operational Changes
Since 2020, Sammaan Capital has undertaken significant governance reforms. Sameer Gehlaut, the erstwhile promoter, relinquished his position as chairman, and S.S. Mundra, former Deputy Governor of the RBI, assumed the role of Independent, non-executive Chairman. The board has been strengthened with new independent directors possessing extensive experience relevant to the company’s operations.
Following regulatory requirements, the erstwhile promoter divested his stake completely by February 2023 and no longer holds any shares in the company. The board now exercises robust oversight over all operational aspects through dedicated sub-committees, led by independent directors.
Strategic Focus on Financial Services
Sammaan Capital reaffirmed its commitment to a retail-focused business strategy, emphasizing two core loan products: affordable home loans and mortgage-backed loans for micro, medium, and small businesses. The company aims for Asset Under Management (AUM) growth through an asset-light model, functioning as an origination engine for loans in partnership with banks and financial institutions.
