GIC Housing Finance Ltd issued secured non-convertible debentures worth ₹200 crore through a private placement on September 22, 2026. The instrument carries an annual coupon rate of 8.15% and has a tenure of 1,178 days.

The issuance comprises 20,000 securities valued at ₹1,00,000 each. The size includes a green shoe option of up to ₹100 crore. These debentures are listed on BSE Limited and are rated, redeemable, taxable, and secured.

Issue Structure and Terms

The allotment date for the Series 12 Tranche 2 is September 28, 2026, with maturity 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 base issue size of ₹200 crore includes a green shoe option of up to ₹100 crore, meaning the total potential raise could 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 received a reaffirmation of its credit ratings from CRISIL, with the agency maintaining an AA+ Stable rating on its long-term facilities and non-convertible debentures (NCDs), and an A1+ rating on its short-term facilities and commercial paper.

Rating details

The following table summarises the ratings assigned by CRISIL to GIC Housing Finance across its various instruments:

Significance of the ratings

An AA+ rating on the long-term scale indicates a very high degree of safety with respect to timely servicing of financial obligations. The Stable outlook signals that the rating is unlikely to undergo a change in the near term. An A1+ rating on the short-term scale represents the highest level of safety regarding timely payment of financial obligations on instruments with short-term maturities.

These ratings cover GIC Housing Finance's long-term borrowing instruments, including NCDs, as well as its short-term funding avenues such as commercial paper, reflecting CRISIL's assessment of the company's overall credit profile.