Sammaan Capital, subsidiary put stressed loans on the block again, six months after ₹5,000-crore Arcil sale

Sammaan Capital, formerly Indiabulls Housing Finance, and its wholly owned subsidiary Sammaan Finserve have invited bids for stressed financial assets. The move comes months after the lender’s new Abu Dhabi promoter funded a clean-up of its balance sheet.

The two companies published separate but identically worded notices in Financial Express on Thursday. Both invite eligible investors to submit expressions of interest, along with non-disclosure agreements, to take part in an auction of stressed financial assets. In both cases the data room is open from October 23 to November 28, and bids are due by November 30.

The notices, however, do not disclose the size of the portfolios; the number of accounts or the borrowers; reserve prices and whether the companies will accept security receipts or want an all-cash sale.

Sammaan Capital has been selling down its stressed book before. In April it transferred a stressed loan portfolio worth ₹5,000 crore to Arcil at a 52% discount, valuing it at ₹2,400 crore, as part of a strategy to shed legacy loans and focus on gold, personal and small-business lending.

That sale followed a change in control. In March, Abu Dhabi-based IHC said it had received all regulatory approvals to acquire about 41.5% of Sammaan Capital on a fully diluted basis, for about USD 1 billion (₹8,850 crore), and would be classified as promoter with the right to appoint a majority of the board. The company has said IHC currently owns 28.5%, rising to 43.5% after warrants are converted.

The new capital paid for a large write-down. Sammaan Capital reported a net loss of ₹8,101 crore in the fourth quarter of FY26 and ₹7,145 crore for the full year, and its gross and net stage III assets fell to zero as on March 31, 2026. A September research note put its net NPA at 0.15% in the June quarter.

Because the March clean-up brought reported NPAs to nil, the assets now on sale are likely to be accounts already written off or fully provided for. The company has not confirmed this. If so, any money recovered would go straight to the bottom line.

Sammaan Finserve’s lending business is also being restructured. In December 2025, Sammaan Capital’s board approved a scheme to demerge Sammaan Finserve’s entire NBFC business into the parent as a going concern. The scheme would leave the subsidiary as an alternative investment fund and private credit platform.

Sammaan Capital did not respond to queries on the size and composition of the portfolios on offer.

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