Tourism Finance Corporation of India seeks ₹1,200 crore NCD issuance limit at AGM
Tourism Finance Corporation of India Limited convenes its 37th AGM on August 21, 2026, to approve a ₹1,200 crore NCD issuance limit via private placement. The agenda includes appointing Anoop Bali as Managing Director until May 2028 with a ₹2.50 crore annual cost-to-company package, re-appointing Aditya Kumar Halwasiya, and amending Articles of Association to remove common seal requirements. Remote e-voting runs from August 18 to August 20, 2026.
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Tourism Finance Corporation of India will hold its 37th Annual General Meeting on August 21, 2026, to secure shareholder approval for raising debt capital up to ₹1,200 crore through private placement of non-convertible debentures. The meeting, scheduled for 11:00 a.m. (IST) via Video Conferencing or Other Audio-Visual Means, also addresses the appointment of Anoop Bali as Managing Director and the re-appointment of Aditya Kumar Halwasiya as a Non-Executive Non-Independent Director.
The Board of Directors seeks a special resolution under Sections 42 and 71 of the Companies Act, 2013, read with the Companies (Prospectus and Allotment of Securities) Rules, 2014, and SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021. This approval allows the company to issue bonds and non-convertible debentures in one or more tranches over the next year, subject to RBI guidelines and existing borrowing limits. The move aims to provide cost-effective funding flexibility for business growth compared to public issues.
Key Resolutions for Approval
Shareholders will vote on ordinary and special business items critical to corporate governance and capital structure:
| Resolution Item | Description | Type | Key Details |
|---|---|---|---|
| Ordinary Business | Adoption of Financial Statements | Ordinary | Audited statements for FY26 (year ended March 31, 2026). |
| Ordinary Business | Dividend Declaration | Ordinary | Declaration of dividend on equity shares for FY25-26. |
| Ordinary Business | Director Re-appointment | Ordinary | Re-appointment of Aditya Kumar Halwasiya (DIN: 08200117), retiring by rotation. |
| Special Business | NCD Issuance Authority | Special | Authority to issue NCDs/bonds up to ₹1,200 crore via private placement. |
| Special Business | MD Appointment | Ordinary | Appointment of Anoop Bali (DIN: 00302077) as Managing Director. |
| Special Business | AoA Alteration | Special | Deletion of clauses relating to the common seal from Articles of Association. |
Anoop Bali’s appointment as Managing Director is effective from June 1, 2026, to May 31, 2028. His remuneration includes an all-inclusive cost to the company of ₹2.50 crore per annum, plus incentives decided by the Board annually. He is also eligible for stock options under any Employee Stock Option Plan (ESOP) with prior Nomination and Remuneration Committee/Board approval. In the event of inadequate profits, his remuneration will be paid as minimum remuneration under Schedule V of the Companies Act, 2013.
Governance and Operational Updates
The company proposes altering its Articles of Association to delete clauses related to the common seal, aligning with the Companies (Amendment) Act, 2015, which removed the mandatory requirement for a common seal. This change simplifies contract execution and enhances operational efficiency.
Aditya Kumar Halwasiya, who holds 4,08,92,000 equity shares (8.83% of paid-up capital), retires by rotation but offers himself for re-appointment. He serves as a promoter and Managing Director of Cupid Ltd. and brings expertise in debt instruments and capital market investments.
Shareholder Instructions
Remote e-voting begins on August 18, 2026, at 9:00 a.m. (IST) and ends on August 20, 2026, at 5:00 p.m. (IST). The record date for determining voting eligibility is August 14, 2026. Shareholders holding shares in demat mode can vote through their Depository Participants (CDSL/NSDL) using single login credentials. Physical shareholders must log in via the CDSL e-voting platform using their folio number.
Dividend payment details are linked to the record date of August 14, 2026. Tax Deducted at Source (TDS) will be applied as per the Income-Tax Act, 2025. Resident individuals receiving dividends exceeding ₹10,000 without updated PAN details face a 20% TDS rate. Non-resident investors may avail beneficial tax treaty rates by submitting required documentation by August 14, 2026.
Historical Stock Returns for Tourism Finance Corporation of India
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.64% | +20.86% | +33.13% | +57.39% | +81.14% | +580.45% |
How will Tourism Finance Corporation of India allocate the ₹1,200 crore raised through NCDs to enhance its portfolio in the tourism and hospitality sectors?
What specific strategic initiatives does the newly appointed Managing Director, Anoop Bali, plan to implement during his two-year tenure to drive growth?
How might the current interest rate environment and RBI guidelines impact the final pricing and subscription levels of the proposed non-convertible debentures?
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