Mumbai, Mar 31 (PTI) Mortgage-focused Sammaan Capital plans to introduce new products in FY28 after surpassing the Rs 1 lakh crore mark in assets under management, a senior official stated on Tuesday.
Abu Dhabi’s International Holding Company has invested Rs 5,652 crore to acquire a 41.5 per cent stake in the company through a preferential issue of shares and warrants, and will now float an open offer as per the guidelines to take its stake to 63.3 per cent as the promoter.
The company, formerly known as Indiabulls Housing Finance, will continue to do mortgage-related products for the time being and build its product line in parallel.
“We will prepare to diversify into newer products in FY27 and scale into them in FY28,” Gagan Banga, the managing
director and chief executive of Sammaan Capital (SC), told PTI.
The company is preparing unsecured lending products as well, Banga said, adding that the products on the anvil include gold loans, personal loans, secured and unsecured lending to micro, small and medium enterprises (MSMEs).
It aims to operate in all the businesses at a mass scale, which will see it disburse up to Rs 600 crore of loans in a particular category every month and not restricted to small monthly amounts, Banga said.
The current assets under management stand at Rs 65,000 crore, and the same is targeted to close at up to Rs 85,000 crore by FY27-end, Banga said, adding that it will scale the newer businesses only after the mortgage assets cross Rs 1 lakh crore.
SC will be betting on the middle- to low-income borrower segment to grow its assets, and be among the top-three by FY29-end, according to a statement.
Banga said the plan is to increase the overall AUM to Rs 2.5 lakh crore by FY31-end, and the company will not require any additional fund infusion till then.
When asked if any acquisitions are in the offing to grow in size, especially given the access to capital through a promoter like IHC, Banga said there are no such plans right now.
It will be looking to grow the book by itself, and work on expanding its distribution footprint in over 200 cities, he said, adding that the number will go up to 350 by FY27-end and be at 500 by FY28.
The target is to increase the number of customers to 5 crore by FY29 from the present 1.4 crore, the statement said.
It plans to more than double the staff to over 10,000 by the end of FY29 from the present strength of over 4,000, the official said.
When asked about the West Asia conflict, Banga said there has not been any adverse impact on the business till now, but warned of difficulties if the war is prolonged.
IHC going ahead with the deal, first announced in October last year, despite the war conditions, should be seen as its conviction in the India opportunity, he said. PTI AA BAL BAL
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