Mumbai, Aug. 21 -- Mortgage-focused non-bank lender Sammaan Capital Ltd's board has approved raising $300 million through senior secured social bonds.

The bonds will carry a coupon of 8.95% and a tenure of three years, the company (formerly Indiabulls Housing Finance Ltd) informed the exchanges on Thursday. Interest will be paid semi-annually, on 28 February and 28 August each year, until maturity on 28 August 2028. The bonds are expected to be listed on the Global Securities Market (GSM) of the India International Exchange (IFSC) Ltd at GIFT City.

Deutsche Bank AG acted as the sole bookrunner for the issuance, executed through its Singapore branch, according to the subscription agreement dated 21 August.

Senior secured bonds are highe...