Sammaan Capital Allots ₹750 Crore NCDs With 9.75% Coupon

Sammaan Capital Limited has allotted ₹750 crore of secured non-convertible debentures across three equal ₹250 crore series. The issue carries coupon rates between 9.05% and 9.75%, with maturities extending from April 2028 to September 2029, adding to the company's debt funding activity following its investment transaction with Avenir Investment RSC Ltd.

What has Sammaan Capital allotted through the NCD issue?

Sammaan Capital has allotted ₹750 crore in secured NCDs through three series, each valued at ₹250 crore. Series I carries the highest disclosed coupon of 9.75%, while Series III carries the lowest disclosed coupon of 9.05%. The source states that the maturity dates across the series range from April 2028 to September 2029.

The debentures are secured by a first pari-passu charge on the company's assets, excluding high-quality liquid assets, or HQLA. A pari-passu charge means the security is shared equally with other lenders holding the same level of charge over the relevant assets. The information provided does not specify the coupon for Series II or assign individual maturity dates to each of the three series.

How does the ₹750 crore issue compare with Sammaan Capital's September placement?

The ₹750 crore allotment follows another reported secured NCD placement of ₹775 crore by Sammaan Capital on September 11, 2026. That private placement consisted of ₹500 crore in Series I at a 9.05% coupon, maturing in September 2029, and ₹275 crore in Series II at a 9.10% coupon, maturing in September 2031.

The two transactions have different structures and maturity profiles. The ₹750 crore issue has three equal series and a maximum disclosed coupon of 9.75%, whereas the September placement had two unequal series and coupons of 9.05% and 9.10%. The source does not state whether the issuances were made to the same investors or whether their proceeds were designated for a particular use.

Why is secured debt relevant for Sammaan Capital's funding profile?

Secured NCDs provide Sammaan Capital with a defined borrowing instrument backed by a charge over specified assets. The first pari-passu security arrangement sets out the position of debenture holders relative to other creditors who may share the same ranking over those assets. The exclusion of HQLA from the charge is expressly stated in the transaction details.

For a non-banking financial company, debt issuance is a regular part of funding operations alongside bank borrowings, equity and other capital sources. Coupon rates and maturity periods are key terms because they establish the cost and tenor of the borrowing. The disclosed 9.05% to 9.75% coupon range shows that the current ₹750 crore borrowing has fixed pricing across its series, although the source does not provide the final investor list, credit ratings or utilisation of proceeds.

What is Avenir Investment's role in Sammaan Capital?

Avenir Investment RSC Ltd has acquired control of Sammaan Capital after completion of a mandatory open offer and transfer of subscription shares from escrow. The source states that Avenir holds 43.4% of Sammaan Capital's equity capital and 41.3% of its fully diluted capital. Avenir is affiliated with Abu Dhabi-based International Holding Company, or IHC.

Sammaan Capital previously said it received ₹5,652 crore in the initial tranche of the investment transaction. The total committed investment is about ₹8,850 crore, with the remaining ₹3,198 crore expected upon conversion of warrants within 18 months. Earlier transaction disclosures stated that the company allotted shares to Avenir on March 31, 2026, and that full warrant conversion was expected to increase Avenir's ownership.

How do the NCD allotments affect investors and the company?

The NCD allotments add disclosed secured borrowing of ₹1,525 crore when the ₹750 crore issue is considered alongside the ₹775 crore private placement reported for September 11, 2026. These are separate transactions with different coupon and maturity terms. The available information does not report a share-price reaction, trading-volume change or a revision in the company's financial guidance following either issuance.

For debenture investors, the relevant disclosed terms are the fixed coupons, maturity dates and asset security. For equity investors, the NCDs represent additional debt funding while the Avenir transaction represents a separate equity and warrant-linked capital commitment. The source provides no basis to quantify the impact of these NCDs on earnings, asset quality, capital adequacy or future borrowing costs.

Conclusion

Sammaan Capital's ₹750 crore NCD allotment is structured across three secured series of equal size, with coupons ranging from 9.05% to 9.75% and maturities ending between April 2028 and September 2029. It follows a ₹775 crore secured private placement in September 2026 and comes after Avenir's acquisition of control in the company.

The next disclosed capital milestone is the receipt of the remaining approximately ₹3,198 crore from Avenir's committed investment upon warrant conversion. Investors will also watch for any further company disclosures on the use of NCD proceeds, individual series terms, future debt issuances and the timing of warrant conversion.