LIC Housing Finance has appointed Sandeep Kumar as its new Managing Director and Chief Executive Officer, effective August 29, 2026. The board approved the appointment following the recommendation of the Nomination and Remuneration Committee.

The leadership change coincides with the cessation of T Adhikari, who stepped down as MD and CEO at the close of business on August 28, 2026, pursuant to his superannuation from the services of Life Insurance Corporation of India (LIC).

Appointment Details

Sandeep Kumar joins the company as an Additional Director and is not liable to retire by rotation. His appointment is subject to shareholder approval, which must be obtained within three months of the board meeting. The term of his appointment shall not exceed five years.

Kumar holds a Master's degree in Mathematics from the University of Delhi. He began his career with LIC in 1991 as a Direct Recruit Officer of the 18th (A) Batch.

Career Profile

With over three decades of experience, Kumar has held key positions across marketing and administrative functions within LIC. His career progression includes:

• Branch Manager in Bikaner Division
• Senior Branch Manager and Chief Manager in Delhi Division-II and Vadodara Division
• Marketing Manager at Nadiad and Ahmedabad Divisions
• Senior Divisional Manager In-charge for Nadiad and Delhi-III Divisions
• Secretary (Marketing), Northern Zone
• Chief Personnel at LIC's Central Office

In 2025, he was appointed as Director and CEO of LIC HFL Financial Services Limited, Mumbai, after being elevated to the Zonal Manager Selection Cadre.

Board Governance

The board meeting concluded at 6:30 pm on August 28, 2026. The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The filing notes that Doraiswamy Ramachandran and Ratnakar Patnaik serve as directors and nominees of LIC of India. Both are also employees of LIC, as is Sandeep Kumar.

LIC Housing Finance shareholders approved a special resolution to authorize the Board for issuing redeemable non-convertible debentures worth up to ₹55,000 crore via private placement.

The approval came during the company’s 37th Annual General Meeting held on August 28, 2026. The meeting was conducted through video conference and other audio-visual means from its registered office in Mumbai.

Voting Results

The consolidated scrutinizer’s report, issued by M/s BPP & Company, confirmed that all resolutions passed with requisite majorities. The remote e-voting process remained open from August 25, 2026, at 9:00 am to August 27, 2026, at 5:00 pm.

Special Resolution

The special resolution regarding the ₹55,000 crore NCD issuance received overwhelming support. Out of 812 shareholders who voted, 788 voted in favor, representing 99.94% of the total votes cast. Only 24 shareholders voted against the proposal.

Ordinary Resolutions

Shareholders also passed ordinary resolutions to adopt the audited financial statements for FY26 and declare a final dividend of ₹10 per equity share for the financial year ended March 31, 2026.

The Board sought reappointment of Shri P Koteswara Rao as a director, who retires by rotation and offered himself for re-election. This resolution saw slightly lower support compared to the financial statements, with 89.50% of votes in favor. Approximately 10.50% of shareholders voted against his reappointment, though it still passed with the requisite majority.

Shareholder Participation Breakdown

The new data provides a detailed breakdown of voting participation by shareholder category. The total number of shareholders on the record date was 351,015. Of these, only one promoter group member and 88 public shareholders attended the meeting via video conferencing.

Promoter and promoter group shareholders held 248,842,495 shares and voted in favor of all resolutions. Public institutions held 228,702,493 shares, while public non-institutions held 72,518,012 shares. The overall poll participation rate was approximately 80.70% across resolutions.

Meeting Proceedings

Shri R Doraiswamy, Chairman and Non-Executive Director, chaired the meeting. He apprised members about the economic environment, the company’s performance, and future outlook, with a specific focus on affordable housing initiatives and digitalization efforts.

Eight shareholders registered as speakers and raised queries regarding the annual financial statements and the Integrated Annual Report for FY24-25. The Chairperson addressed these concerns during the session.

Governance and Compliance

The Joint Statutory Auditors and Secretarial Auditors issued unqualified audit reports. The Chairman stated that these reports and the Notice of the AGM would be taken as read in compliance with the Companies Act, 2013 and applicable Secretarial Standards.

M/s BPP & Company served as the scrutinizer for the e-voting and poll process. Bhargav Prakashbhai Pattani, Proprietor of BPP & Co., submitted the consolidated report pursuant to Regulation 44 of SEBI Listing Regulations, 2015. No invalid votes were recorded across any resolution.