Abu Dhabi’s IHC becomes promoter of Sammaan Capital with $1 billion investment, as the NBFC plans to expand beyond mortgage lending and target 50 million customers by FY29.
Mumbai : Sammaan Capital, formerly known as Indiabulls Finance and long recognized as a pure-play mortgage lender, is set to diversify into multiple credit segments including retail loans, marking the beginning of a new growth phase under the ownership of Abu Dhabi-based International Holding Company (IHC).
In a statement issued on Tuesday, the company founded by Gagan Banga announced that IHC has officially become its promoter following a preferential allotment of 41.5% equity shares and warrants to Avenir Investment, an affiliate of the UAE-based conglomerate. IHC, the largest listed company in Abu Dhabi with a market capitalization of $239 billion, secured regulatory approval from the Reserve Bank of India last week for its $1 billion investment aimed at acquiring a controlling stake.
Sammaan Capital has already received an initial tranche of ₹5,652 crore (approximately $600 million) for the allotment, with an additional ₹3,198 crore ($338 million) expected within the next 18 months upon conversion of warrants into fully paid equity shares. Avenir Investment is also set to launch an open offer within 30 days at ₹139 per share. Upon completion of the offer, and assuming full subscription, IHC’s stake in Sammaan Capital is expected to rise to 63.3%.
The company will play a central role in anchoring IHC’s financial services ambitions in India under its global platform, Judan Financial, which manages assets exceeding $235 billion across more than 13 countries. Sammaan Capital will be consolidated as a core investment within this platform.
Looking ahead, Sammaan aims to transition from a mortgage-focused lender to a diversified non-banking financial company (NBFC), targeting mid- to low-income borrowers. Its expanded portfolio will include secured and unsecured MSME loans, personal loans, business loans, and gold loans. The company has set an ambitious target to be among the top three NBFCs in India by fiscal year 2029.
To support this vision, Sammaan plans to significantly scale up its operations by increasing its branch network from over 200 currently to more than 1,500, expanding its customer base from 1.4 million to 50 million, and growing its workforce by an additional 6,000 employees.
The company emphasized that compliance and risk management will remain central to its operations, while IHC’s global ecosystem and institutional strength are expected to enhance digital capabilities and governance standards. Currently classified among India’s 15 upper-layer NBFCs, Sammaan Capital is poised to leverage IHC’s financial backing, global funding networks, and the UAE’s strong AA sovereign credit rating to bolster both its domestic and international credit profile.
Mumbai : Sammaan Capital, formerly known as Indiabulls Finance and long recognized as a pure-play mortgage lender, is set to diversify into multiple credit segments including retail loans, marking the beginning of a new growth phase under the ownership of Abu Dhabi-based International Holding Company (IHC).
In a statement issued on Tuesday, the company founded by Gagan Banga announced that IHC has officially become its promoter following a preferential allotment of 41.5% equity shares and warrants to Avenir Investment, an affiliate of the UAE-based conglomerate. IHC, the largest listed company in Abu Dhabi with a market capitalization of $239 billion, secured regulatory approval from the Reserve Bank of India last week for its $1 billion investment aimed at acquiring a controlling stake.
Sammaan Capital has already received an initial tranche of ₹5,652 crore (approximately $600 million) for the allotment, with an additional ₹3,198 crore ($338 million) expected within the next 18 months upon conversion of warrants into fully paid equity shares. Avenir Investment is also set to launch an open offer within 30 days at ₹139 per share. Upon completion of the offer, and assuming full subscription, IHC’s stake in Sammaan Capital is expected to rise to 63.3%.
The company will play a central role in anchoring IHC’s financial services ambitions in India under its global platform, Judan Financial, which manages assets exceeding $235 billion across more than 13 countries. Sammaan Capital will be consolidated as a core investment within this platform.
Looking ahead, Sammaan aims to transition from a mortgage-focused lender to a diversified non-banking financial company (NBFC), targeting mid- to low-income borrowers. Its expanded portfolio will include secured and unsecured MSME loans, personal loans, business loans, and gold loans. The company has set an ambitious target to be among the top three NBFCs in India by fiscal year 2029.
To support this vision, Sammaan plans to significantly scale up its operations by increasing its branch network from over 200 currently to more than 1,500, expanding its customer base from 1.4 million to 50 million, and growing its workforce by an additional 6,000 employees.
The company emphasized that compliance and risk management will remain central to its operations, while IHC’s global ecosystem and institutional strength are expected to enhance digital capabilities and governance standards. Currently classified among India’s 15 upper-layer NBFCs, Sammaan Capital is poised to leverage IHC’s financial backing, global funding networks, and the UAE’s strong AA sovereign credit rating to bolster both its domestic and international credit profile.
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