July 25, 2024

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Indiabulls Housing Finance rebranded and renamed as ‘Sammaan Capital Limited’ – Banking & Finance News

Non-banking finance company Indiabulls Housing Finance on Wednesday announced that it has officially changed its name to ‘Sammaan Capital Limited’, following the receipt for Certificate of Incorporation issued by the Registrar of Companies (RoC), and Certificate of Registration (CoR) as an NBFC-ICC from the RBI.

The company had announced its plans to rebrand the company on May 22, 2023 and January 25, 2024. 

In a regulatory filing, the company said that it will shortly submit the requisite applications with the stock exchanges for effecting change of name and trading in the shares of the company in its new name and a new symbol. It also informed that the company will operationalize the change in name across branches, its website, stationery, etc. within this month. Further, customer outreach would be undertaken through appropriate campaigns across various media channels, within this fiscal quarter, it added. 

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The renaming and rebranding happened in the company’s 25th year of operation. It originated in the year 2000 as ‘Indiabulls Financial Services Limited’. The company, initially promoter-led, has repositioned itself as a board-run, professionally managed, diversely-held financial institution. In 2020, the erstwhile promoter relinquished his position as Chairman of the Board, and SS Mundra, ex-Deputy Governor of the RBI, took over as the Independent, non-executive Chairman. New independent directors with depth of experience in areas relevant to the business were inducted. Further, the erstwhile promoter pared his stake, and following his depromoterisation by the stock exchanges in February 2023, completely sold all his holdings. The board now exercises effective oversight over all aspects of the company’s operations.

In the regulatory filing, the company said that it will continue to be retail-focused built on the two loan products of affordable home loans and mortgage-backed loans to micro, medium and small businesses. “We will pursue AUM growth in an asset-light model, working as an origination-engine to source loans in co-lending and sell-down partnerships with banks and financial institutions. The priority and focus in the near-term is RoE growth and this will be driven by the earnings accretive nature of the asset-light retail business model,” it said. 


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