Sammaan Capital manging director and CEO Gagan Banga has said he will continue in the role, as the lender told exchanges that UAE International Holding Company (IHC) will invest $1 billion in the NBFC to acquire a controlling 41.3 percent stake to become its promoter.
Why did you go with IHC as your investor when others, too, must have been interested?
For a lending business like ours, equity capital is the foundation. An NBFC is fundamentally a leveraged business and the quality of debt determines whether you can generate returns for shareholders. To get that high-quality debt, you need a long-term, committed promoter, someone who is not looking at this as a three–five year play but as a perpetual investment.
IHC also has the ability to write a single billion-dollar cheque, which is critical for a business of our size. They bring capital but they also bring an ecosystem, especially around technology and AI, where they are very strong. So for us, it is possibly the best outcome we could have hoped for.
With IHC coming in, will there be any changes in the management?
No. Their long-term intention is to have control over the board but over the next six–12 months, I don’t expect any significant board-level changes. They have no desire to make changes among the top 15–20 people of management either.
So, you’ll continue to remain at the helm?
Absolutely. I remain at the helm and this investment is a huge validation for the management team. It is capital that has come in to back us.
Given the fresh capital, will you look at inorganic growth — buying portfolios or acquisitions?
Not in the next 12–18 months. That time will be spent on fully utilising the operating leverage within the company. After that, we will see. It is not about organic or inorganic; it is about the segment and what fits our strategy.
And what return on equity are you targeting?
By fiscal 2027, we aim to start generating mid-teen ROEs. That’s the goal.
Can we expect another offshore issuance this fiscal?
It depends on market appetite and pricing. There is no grand strategy around debt other than keeping it long, diversified, and across as many investors as possible. If a good deal comes, we’ll take it.
By when do you expect to cross the Rs 1-trillion loan book milestone?
We are targeting that by the end of fiscal 2027.
