GIC Housing Finance Limited has announced a senior management change with the cessation of Shri T. Mariraja from his role as Senior Vice President and Head of Operations. The change, disclosed under SEBI regulations on March 30, 2026, is attributed to his repatriation to the company's promoter entity.

Senior Management Transition Details

Shri T. Mariraja will cease to be Senior Vice President and Head of Operations effective from the close of business hours on March 31, 2026. The transition occurs due to his repatriation to United India Insurance Co. Ltd., the promoter company, pursuant to a promotion-cum-placement order.

Regulatory Compliance and Disclosure

The company has made the disclosure pursuant to Regulation 30 and Regulation 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement also references compliance with SEBI Master Circular No. SEBI/HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

GIC Housing Finance has confirmed that there are no other material reasons for the senior management personnel change. Given that the change results from repatriation rather than resignation, the requirement for submission of a resignation letter does not apply in this case.

Corporate Structure Context

The repatriation involves movement within the corporate group structure, with United India Insurance Co. Ltd. serving as the promoter company of GIC Housing Finance Limited. This internal transfer represents a promotion-based placement for the senior executive within the broader organizational framework.

GIC Housing Finance Limited has successfully completed the allotment of Non-Convertible Debentures (NCDs) aggregating Rs 150 crores on a private placement basis. The allotment was completed on February 25, 2026, at 11:00 A.M., marking a significant fundraising milestone for the housing finance company.

Debenture Allotment Details

The company issued 15,000 NCDs with a face value of Rs 1,00,000 each at par, totaling Rs 150 crores. The debentures were issued under Series 11 and carry an attractive fixed interest rate of 7.59% per annum. The allotment was made to two prominent institutional investors on a private placement basis.

Investor Profile

The NCDs were allotted to two institutional investors, demonstrating strong confidence from the financial services sector:

• ICICI Bank: One of India's leading private sector banks
• Reliance General Insurance Company Ltd.: Prominent general insurance provider

The participation of these established financial institutions underscores the credibility and attractiveness of GIC Housing Finance's debt instruments in the market.

Regulatory Compliance and Listing

The allotment was conducted in compliance with Regulation 30 & 51 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The company obtained the necessary authority from its Board of Directors through a resolution dated May 16, 2025, providing the framework for this fundraising initiative.

The NCDs are proposed to be listed on BSE Limited, which will provide liquidity options for the investors and enhance the transparency of the instruments in the secondary market.

Strategic Significance

This successful fundraising exercise strengthens GIC Housing Finance's capital base and provides the company with additional resources to expand its lending operations. The fixed interest rate of 7.59% per annum reflects competitive pricing in the current market environment, while the private placement route ensures efficient capital raising from targeted institutional investors.