GIC Housing Finance is planning to raise up to Rs 2,500 crore by issuing bonds on a private placement basis to augment its capital resources. The housing financier will seek approval from its shareholders on the capital raise plan in the upcoming annual general meeting on September 23, 2022.
Seeing the long-term borrowing requirement of the company and to augment resources at a cheaper rate of interest, approval is sought to mobilise some more funds by way of issue of redeemable NCDs/bonds on private placement basis.
GIC Housing Finance’s primary business is granting housing loans to individuals and to persons/entities engaged in construction of houses/flats for residential purposes.
