Indiabulls Housing Finance Ltd’s name has been changed to Sammaan Capital Ltd, following its transformation into a board-run and diversely-held financial institution, from being a promoter-led and promoter-driven lender.
“With the receipt of Certificate of Incorporation issued by the Registrar of Companies [RoC], and receipt from the RBI of new Certificate of Registration1 [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’,” Sammaan Capital said in a regulatory filing.
It will shortly submit requisite applications with the exchanges for effecting change of name and trading in the shares of the company in its new name and a new symbol.
The company informed that Clause I [that is Name Clause] of the Memorandum of Association of the Company stands altered accordingly and the name ‘Indiabulls Housing Finance Limited’ wherever it appears in the Memorandum of Association and the Articles of Association, gets replaced with the new name ‘Sammaan Capital Limited’.
“In 2020, the erstwhile promoter (Sameer Gehlaut) relinquished his position as chairman of the board, and S.S. 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.
“In parallel, the erstwhile promoter pared his stake, and following his de-promoterisation by the stock exchanges in February 2023, completely sold all his holdings and today does not hold a single share in the company,” per the regulatory filing.
The board now exercises effective oversight over all aspects of the company’s operations through various board-constituted sub-committees, with key committees helmed by independent directors, it added.
Sammaan Capital said its business will continue to be retail-focused, built on two loan products -- 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,” it said.