Non-bank lender Sammaan Capital Ltd (formerly Indiabulls Housing Finance) has commenced a cash tender offer to repurchase up to $18 million of the outstanding principal amount of its $350 million 9.70% Senior Secured Social Bonds due 2027. According to the latest reports, the tender offer provides two consideration levels - $1,035 per $1,000 principal amount for bonds tendered by July 31, 2026 (Early Tender Deadline), and $1,000 per $1,000 principal amount for bonds tendered between July 31, 2026 and August 17, 2026 (Expiration Time). The Securities Issuance and Investment Committee approved the tender offer on July 20, 2026, along with the tender offer memorandum, dealer manager agreement, and other related documents.
The company stated that this buyback is part of its ongoing liability management programme aimed at actively rebalancing outstanding obligations, improving maturity alignment and benefiting from a structurally declining cost of funds. As reported by CNBC TV18, Sammaan Capital intends to continue evaluating and undertaking buybacks of its US dollar-denominated bonds, subject to applicable regulations and prevailing market conditions, as part of its strategy to optimise its overall cost of funds. The tender offer forms part of the company's structured liability management programme, with the company reserving the right to increase or decrease the maximum purchase amount in its sole discretion.
Under the dealer manager agreement dated July 20, 2026, Deutsche Bank AG, Singapore Branch is acting as the dealer manager, while D.F. King, a business name of MUFG Corporate Markets IR Pty Ltd, is serving as the information and tender agent. According to the latest reports, the dealer manager will identify and contact bondholders and solicit offers to sell the bonds, while Sammaan Capital will purchase bonds tendered under the offer. The company does not hold any shareholding in the dealer manager entities and has provided customary representations, warranties, indemnities and undertakings under the agreement.
Sammaan Capital added that the approach is supported by the continued improvement in its credit ratings, which enhances access to funding on more favourable terms and supports a reduction in funding costs. As reported by CNBC TV18, the company believes its turnaround story has entered a new phase after investment from International Holding Company (IHC), with the company now focusing on lower funding costs, mortgage-led growth and long-term compounding. The company's sustained upward credit rating trajectory improves access to favourable funding terms and supports the current buyback strategy.
The stock has shown strong performance, starting the year trading at ₹144.25 and climbing to ₹163.55 as of July 20, 2026. According to CNBC TV18, this translates to a year-to-date gain of roughly 13.38%. The tender offer provides specific timelines with the Early Payment Date expected on or about August 6, 2026 and the Final Payment Date expected on or before August 19, 2026. Managing Director and CEO Gagan Banga expects the company's assets under management to cross ₹70,000 crore in 2026-27 (FY27) and exceed ₹1 lakh crore the following year, helped by lower borrowing costs and stronger ratings.
