We interacted with the management of Sammaan Capital (SCL) to discuss the company's strategic transformation following the investment by Abu Dhabi-based International Holding Company (IHC) of INR88.5bn. Management highlighted that IHC currently holds 28.5% stake (to reach 43.5% post conversion of warrants over 18 months) and the investment marks a significant inflection point for SCL through enhanced capital position, governance oversight and funding access while also supporting digital and AI-led operational capabilities. FY26 AUM stood at INR531.6bn and the company is transitioning from a wholesale lender to a diversified retailoriented platform with a focus on secured lending. With legacy stressed assets written...