GIC Housing Finance Ltd has allotted secured non-convertible debentures worth ₹100 crore through a private placement on September 28, 2026. The instrument carries an annual coupon rate of 8.15% and was allotted to KIRI Industries Limited.

This allotment constitutes a portion of the company's broader issuance plan, which includes a base size of ₹200 crore and a green shoe option of up to ₹100 crore. The securities are listed on BSE Limited and are rated, redeemable, taxable, and secured.

Issue Structure and Terms

The allotment relates to the Series 12 Tranche 2 debentures. While the initial announcement on September 22, 2026, outlined the total issuance framework, the specific allotment of 10,000 securities (face value ₹1,00,000 each) occurred on September 28, 2026. Maturity for these instruments is scheduled for December 19, 2029. Interest payments will be made annually, starting December 19, 2026. The principal amount will be redeemed on the maturity date.

Security and Default Provisions

The debentures are secured by a first-ranking exclusive continuing charge on hypothecated assets in favor of the debenture trustee. In the event of default in payment of interest or principal, the company must pay additional interest at 2% per annum over the coupon rate until the default is rectified. No special rights or privileges are attached to these instruments.

What the Numbers Show

The allotment of ₹100 crore represents half of the base issue size of ₹200 crore announced earlier. With a green shoe option of up to ₹100 crore remaining, the total potential raise could still reach ₹300 crore if fully exercised. This structure provides flexibility to meet varying levels of investor demand without reopening the book.

GIC Housing Finance has appointed Smt. Arumugam Manimekhalai (DIN: 08411575) as a Non-Executive Independent Director for a first term of 5 consecutive years, effective September 26, 2026. The appointment was approved by shareholders via postal ballot, with results submitted to BSE Limited on September 28, 2026.

The voting process concluded on September 26, 2026. The scrutinizer’s report, prepared by Vaibhav Dandawate of Makarand M. Joshi & Co., confirmed that both resolutions passed with the requisite majority under Sections 108 and 110 of the Companies Act, 2013. The company filed an intimation under Regulation 30 and 51 of the SEBI Listing Regulations regarding this change in directorship.

Voting outcomes on director appointment

The first resolution, a special resolution for the appointment of Smt. Arumugam Manimekhalai, saw overwhelming support from promoters but significant dissent from institutional investors. Promoters and promoter group voted 100% in favor, casting 2,28,36,839 votes. In contrast, public institutions voted against the resolution in large numbers, with 69.77% of their polled votes opposing the appointment.

Despite the institutional opposition, the overall result was 98.40% in favor due to the high voting power held by the promoter group.

Approval of related party transactions

The second resolution sought approval for material related party transactions (RPTs) with promoter group companies. As per Regulation 23(4) of the SEBI Listing Regulations, related parties were barred from voting on this resolution. Consequently, only public shareholders participated.

Public institutions voted unanimously in favor, casting 5,20,582 votes for the proposal. Public non-institutions showed minor dissent, with 5.88% voting against. The total valid votes polled amounted to 7,24,871, with 98.34% in favor.

What the Numbers Show

A distinct divergence exists between institutional and retail sentiment regarding governance matters. While public non-institutions supported the new independent director at 93.72%, public institutions opposed it at 69.77%. This suggests that institutional investors may have specific concerns regarding the candidate or the appointment process that were not shared by retail shareholders. Conversely, both public groups largely aligned on the approval of related party transactions, indicating consensus on the commercial terms despite the exclusion of promoters from voting.