Non-banking finance company Indiabulls Housing Finance has changed its name to Sammaan Capital following the receipt of Certificate of Incorporation from the Registrar of Companies (RoC) and Certificate of Registration as an NBFC-ICC (Investment and Credit Company) from the Reserve Bank of India.
The company will soon be submitting 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, the NBFC said in a regulatory filing.
“Strategically, our business 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 company said.
According to the NBFC, the near-term priority and focus will be on growth of return on equity (RoE) and this will be driven by the earnings accretive nature of the asset-light retail business model.
Over the course of the last five years, the company has built a balance sheet with capital adequacy of over 30% on consolidated basis, low leverage or nearly 2 times, stable NPAs, and high provisioning buffers.
Over the last five years, the company has transformed itself into a board-run, professionally managed, diversely held financial institution. In 2020, the erstwhile promoter 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 were also inducted, the company said.
In parallel, the erstwhile promoter pared his stake, and following his depromoterisation by the stock exchanges in February 2023, completely sold all his holdings and current does not hold any shares in the company.
