Opening Date
27 Feb 2025
Closing Date
12 Mar 2025
Yield
UPTO 10.74%
Tenure
UPTO 120 MONTHS
Ongoing IPO
Opening Date
27 Feb 2025
Closing Date
12 Mar 2025
Time to close
Yield
UPTO 10.74%
Tenure
UPTO 120 MONTHS
| Issue Size (Including Green Shoe Option) | 300 | ||
| Face Value | 1000 | ||
| Coupon | UPTO 10.75% | ||
| Minimum Number of Bonds | 10 | ||
| Lot Size (Multiplier) | 1 | ||
| Allotment Date (Tentative) | 18 Mar 2025 | ||
| Listing Date (Tentative) | 20 Mar 2025 | ||
| Exchange Bid Time (24 Hours) | 10:00 to 17:00 | ||
Documents attached
*Allotment on first come first serve basis
Series | I | II | III | IV | V | VI | VII | VIII | IX | X | XI | XII | XIII |
Nature Of NCDs | Secured Redeemable Non-Convertible Debenture | ||||||||||||
Who Can Apply | Everyone | ||||||||||||
Tenure | 24 Months | 24 Months | 24 Months | 36 Months | 36 Months | 36 Months | 60 Months | 60 Months | 84 Months | 84 Months | 120 Months | 120 Months | 60 Months |
Frequency of Interest payment | YEARLY | MONTHLY | CUMULATIVE | YEARLY | MONTHLY | CUMULATIVE | YEARLY | MONTHLY | YEARLY | MONTHLY | YEARLY | MONTHLY | MONTHLY |
Best Coupon Rate (% p.a.) for: | |||||||||||||
Category 1 | 9.25 % | 8.88 % | -N.A.- | 9.40 % | 9.02 % | -N.A.- | 9.65 % | 9.25 % | 10.00 % | 9.57 % | 10.25 % | 9.80 % | 9.25 % |
Category 2 | 9.25 % | 8.88 % | -N.A.- | 9.40 % | 9.02 % | -N.A.- | 9.65 % | 9.25 % | 10.00 % | 9.57 % | 10.25 % | 9.80 % | 9.25 % |
Category 3 | 9.65 % | 9.25 % | -N.A.- | 9.90 % | 9.48 % | -N.A.- | 10.15 % | 9.71 % | 10.50 % | 10.03 % | 10.75 % | 10.25 % | 9.71 % |
Category 4 | 9.65 % | 9.25 % | -N.A.- | 9.90 % | 9.48 % | -N.A.- | 10.15 % | 9.71 % | 10.50 % | 10.03 % | 10.75 % | 10.25 % | 9.71 % |
Effective Yield (% p.a.) for: | |||||||||||||
Category 1 | 9.25 % | 9.25 % | 9.25 % | 9.39 % | 9.40 % | 9.40 % | 9.64 % | 9.65 % | 9.99 % | 9.99 % | 10.24 % | 10.24 % | 9.65 % |
Category 2 | 9.25 % | 9.25 % | 9.25 % | 9.39 % | 9.40 % | 9.40 % | 9.64 % | 9.65 % | 9.99 % | 9.99 % | 10.24 % | 10.24 % | 9.65 % |
Category 3 | 9.65 % | 9.65 % | 9.65 % | 9.89 % | 9.90 % | 9.90 % | 10.14 % | 10.15 % | 10.49 % | 10.48 % | 10.74 % | 10.73 % | 10.15 % |
Category 4 | 9.65 % | 9.65 % | 9.65 % | 9.89 % | 9.90 % | 9.90 % | 10.14 % | 10.15 % | 10.49 % | 10.48 % | 10.74 % | 10.73 % | 10.15 % |
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BondsIndia is an online platform for fixed-income securities such as IPOs, bonds, 54EC bonds, and fixed deposits. With a cumulative pedigree of 50+ years in the bond market, we aim to democratize the market for common investors by stationing detailed insights, expert advice, and keeping a close watch on the market sentiment. BondsIndia brings up-to-date information when IPOs go live, fixed deposits with higher interests, and bonds with competitive price before anyone else.
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SAMMAAN CAPITAL LIMITED SCL is a non deposit taking investment and credit company NBFC ICC registered with the RBI and notified financial institution under SARFAESI. Originally registered as a housing finance company with NHB, SCL predominantly offers housing loans and loans against property to a diverse clientele including salaried individuals, self employed, MSMEs, and corporates, with a focus on long term secured mortgage backed loans. It also offers mortgage loans to real estate developers in India in the form of lease rental discounting for commercial premises and construction finance for residential premises.
As of March 31, 2024, on a standalone basis, housing loans constituted 38.81% and non housing loans 61.19% of the Loan Book, which stood at Rs.46,002.51 crores. SCL operates across 20 states in India with 210 active branches and 1 branch in Dubai and has transitioned to an asset light model since FY 2022, emphasizing co lending and portfolio sell downs. The companys financial metrics for FY 2024 included total income of Rs. 8,624.77 crores and profit of Rs.1,214.39 crores on a consolidated basis.
Substantial credit enhancement available in the structure
The rating factors in the build-up in the credit enhancement cover for all the pools with the cash collateral exceeding 50% for Innovation Trust XXVIII Jun-17, Innovation Trust XXIX Dec-19 and Innovation Trust XXVIII Sep 19 and standing at around 42% for Innovation Trust XXIX Sep-17 and 25% for Innovation Trust XXXII Dec19 of the balance pool principal compared to 9-11% at the time of securitisation. Internal credit support is also available through the scheduled EIS.
Healthy pool performance
The performance of all the pools has been strong with a cumulative collection efficiency of 99% till the November 2024 payout month, leading to nil 90+ days past due (dpd) and 180+ dpd delinquencies. The breakeven collection efficiency is in the range of 50-60% for all the pools except Innovation Trust XXXII Dec19, which had a breakeven collection efficiency of around 68%. Further, there have been no instances of cash collateral utilisation in any of the pools till date owing to the strong collection performance and the presence of EIS in the transactions.
Adequate servicing capability of originator
Sammaan has adequate processes for servicing the loan accounts in the securitised pools. It has a demonstrated track record of regular collections and recoveries across multiple geographies
Exposed to basis rate risk
All the transactions are exposed to interest rate risk as the PTC assignee yield is linked to an external benchmark while the pool yield is linked to the Originators internal benchmark rate, which leads to basis rate risk in the structure.
Risks associated with lending business
The pools performance would remain exposed to macro-economic shocks, business disruptions and natural calamities that may impact the income-generating capability of the borrowers and their ability to make timely repayments of their loans.
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