GIC Housing Finance Limited has released its Key Information Document (KID) dated July 23, 2026, for the private placement of Non-Convertible Debentures (NCDs) under Series 12 Tranche 1, proposing to raise Rs.200 Crores from eligible investors. The document has been prepared in compliance with Regulation 50A(6) of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, and is to be read in conjunction with the General Information Document dated February 6, 2026.

NCD Issue Structure and Key Terms

The proposed NCD issuance involves 20,000 securities of Rs.1,00,000 each, aggregating to an issue size of Rs.200 Crores with no green shoe option. The instruments are proposed to be listed on BSE Limited. The following table summarises the key terms of the issue:

In case of default in payment of coupon and/or redemption amounts on the respective due dates, additional interest of 2% p.a. over and above the coupon rate will be payable by the company for the period during which the default continues.

Security and Charge Structure

The debentures are secured by a first ranking exclusive continuing charge on hypothecated assets — comprising identified loan receivables/book debts — in favour of the Debenture Trustee for the benefit of Debenture Holders. The company is required to maintain asset cover of 1x or such higher cover as specified in the offer document at all times. As per the statutory auditor's certificate for the year ended March 31, 2026, all outstanding secured NCDs were fully secured by way of charge on identified receivables, with security cover maintained at 100% or above across all ISIN series.

Credit Rating

Crisil Ratings has assigned a 'Crisil AA+/Stable' rating to the Rs.500 Crore NCDs of GIC Housing Finance Limited and reaffirmed the same rating on existing debt instruments and bank facilities. The rating reflects the strong support expected from the promoter-shareholder General Insurance Corporation of India Re (GIC-Re), and the company's adequate capitalisation. These strengths are partially offset by modest asset quality and a moderate scale of operations.

Promoter Structure and Shareholding

GIC Housing Finance Limited was founded in 1989 and is promoted by General Insurance Corporation of India (GIC-Re) and its erstwhile subsidiaries. As on March 31, 2026, the promoter group collectively held a 42.41% equity stake in the company, with GIC-Re being the largest individual shareholder at 15.26%.

Key Financial Performance

The company reported audited standalone financial results for the year ended March 31, 2026. The following table presents key financial indicators as reported by Crisil Ratings:

For the year ended March 31, 2026, the company reported standalone net profit of Rs.15,449 lakhs on total income of Rs.1,08,322 lakhs, with basic and diluted earnings per share of Rs.28.69. The Gross Stage 3 ratio stood at 3.96% and the capital adequacy ratio at 32.81% as on March 31, 2026. The company's net advances stood at Rs.10,212 crore as on March 31, 2025. The Board recommended a dividend of Rs.4.50 per equity share of Rs.10 each (45%) for FY 2025-26, subject to shareholder approval at the 36th Annual General Meeting.

Regulatory Approvals and Compliance

The National Housing Bank (NHB) has granted a No Objection Certificate for the issuance of NCDs up to Rs.1,000.00 crore during FY 2026-27, subject to conditions including maintenance of overall borrowing limits and compliance with applicable RBI/NHB guidelines. BSE Limited has granted in-principle approval for listing of the securities under the General Information Document dated February 6, 2026. The shareholders of the company passed a special resolution at the 35th Annual General Meeting held on August 19, 2025, approving private placement of Redeemable NCDs/Bonds up to an aggregate outstanding limit of Rs.2,500 crores. The company has confirmed that there are no pending litigations, defaults on statutory dues, or adverse audit remarks for the preceding three financial years.

GIC Housing Finance Ltd has appointed Asit Kumar Nandi as its Chief Compliance Officer for a term of 36 months, effective from the date of his joining. The appointment, approved by the Board based on the recommendation of the Nomination & Remuneration Committee, was disclosed to the exchanges on July 14, 2026.

Nandi brings over 39 years of experience from the State Bank of India and currently serves as Director – Compliance at Alexis Finance Pvt. Ltd., a position he has held since November 2024. His expertise spans regulatory compliance, internal audit, AML/KYC, and NPA management, having previously overseen operations for 216 branches with a workforce of over 2,500 employees.

The disclosure was made under Regulation 30 and 51 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The company stated that the specific date of joining would be intimated separately in due course.

Appointment Details

Professional Background

Nandi is a seasoned Banking and Financial Services professional with extensive experience in strengthening governance frameworks and ensuring RBI-compliant risk and regulatory practices. He has led large-scale audit and compliance programs and advised senior management and boards on risk and policy matters. His core areas of expertise include Retail & SME Banking, HR & Superannuation Fund Administration, and Economic Research.