GIC Housing Finance to raise up to Rs 2,500 crore via issue of bonds

GIC Housing Finance has said it is mulling to raise up to Rs 2,500 crore by issuing bonds on a private placement basis to augment its capital resources.

"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 said in its annual report 2021-22.

The housing financier will seek approval from its shareholders on the capital raise plan in the upcoming annual general meeting on September 23, 2022.

The company said whether the funds will be moped-up in one or more tranches will depend upon the requirement, time of issue as well as market conditions, in accordance with the decision of the committee of the board members.

GIC Housing Finance stock closed at Rs 144.95 apiece on BSE on Thursday, up by 3.83 per cent from previous close.