The committee also approved the tender offer memorandum, expected to be dated on or around July 20, the dealer manager agreement, the engagement letter with the information and tender agent, commencement of the tender offer subject to the conditions set out in the tender offer memorandum, and other related documents.
The company said the tender offer forms part of its ongoing structured liability management programme aimed at actively rebalancing its outstanding obligations, improving maturity alignment and benefiting from a structurally declining cost of funds.
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Sammaan Capital said it 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 company added that the approach is supported by the continued improvement in its credit ratings, which it said enhances access to funding on more favourable terms and supports a reduction in funding costs.
Under the dealer manager agreement, the dealer manager will identify and contact bondholders and solicit offers to sell the bonds, while the company will purchase bonds tendered under the offer. The agreement relates to the proposed purchase of up to $18 million of the outstanding 2027 social bonds.
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Sammaan Capital said it does not hold any shareholding in the dealer manager entities. The company said it has provided customary representations, warranties, indemnities and undertakings under the dealer manager agreement.
In May this year, Sammaan Capital said it believes its turnaround story has entered a new phase after the investment from International Holding Company (IHC), with the company now focusing on lower funding costs, mortgage-led growth and long-term compounding, according to Managing Director and CEO Gagan Banga.
Banga said the plan is to disburse over ₹30,000 crore this year, while profits could rise to around ₹1,400 crore. “What we want to do now is very steady compounding, which should outlive me,” Banga said.
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The company has now “firmly and finally” closed its legacy issues and is shifting focus toward becoming “the lowest cost fund operator.” 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.
The stock started the year trading at ₹144.25 and has climbed to ₹163.55 as of July 20, 2026. This translates to a year-to-date (YTD) gain of roughly 13.38%.
