GIC Housing Finance Limited has completed the private placement of Non-Convertible Debentures (NCDs) under Series 12 Tranche 1, allotting securities worth Rs.200.07 crores on July 29, 2026. The issuance, carrying a fixed coupon rate of 8.15% per annum, was fully subscribed by five institutional investors, including ICICI Bank and funds managed by Tata Mutual Fund and LIC Mutual Fund. This capital raise strengthens the company’s liquidity position for its housing finance operations, supported by a 'Crisil AA+/Stable' rating.

The allotment comprises 20,000 debentures with a face value of Rs.1,00,000 each, subscribed at a premium of Rs.35 per unit. The total proceeds include the base issue size of Rs.200 crores and a premium of Rs.7 lakhs. The instruments have a tenure of 548 days, maturing on January 28, 2028. The first coupon payment is scheduled for January 28, 2027, with the final coupon and principal repayment due on the maturity date. In the event of default, the company is liable to pay additional interest of 2% per annum over the coupon rate.

Allotment Details

The NCDs were allotted to a mix of banking and mutual fund entities, reflecting broad institutional confidence in the company’s credit profile. The following table outlines the allottees:

The securities are proposed to be listed on BSE Limited under ISIN INE289B07149. IDBI Trusteeship Services Limited acts as the Debenture Trustee, while KFin Technologies Limited serves as the Registrar and Transfer Agent.

Credit Profile and Security

Crisil Ratings has assigned a 'Crisil AA+/Stable' rating to this issuance, reaffirming its stance on the company’s existing debt instruments and bank facilities aggregating up to Rs.9,100 crore. The rating reflects strong promoter support from General Insurance Corporation of India Re (GIC-Re) and adequate capitalisation. These strengths are partially offset by modest asset quality and moderate operational scale.

The debentures are secured by a first-ranking exclusive continuing charge on hypothecated assets, specifically identified loan receivables and book debts. The company must maintain an asset cover of 1x or higher as specified in the offer document. As per the statutory auditor’s certificate for the year ended March 31, 2026, all outstanding secured NCDs were fully secured with security cover maintained at 100% or above.

Financial Context

For the fiscal year ended March 31, 2026, GIC Housing Finance reported a standalone net profit of Rs.15,449 lakhs on total income of Rs.1,08,322 lakhs. The Gross Stage 3 ratio stood at 3.96%, while the capital adequacy ratio was 32.81%. Net advances reached Rs.10,212 crore as of March 31, 2025. The Board recommended a dividend of Rs.4.50 per equity share (45%) for FY26, subject to shareholder approval. The National Housing Bank (NHB) has granted a No Objection Certificate for NCD issuances up to Rs.1,000 crore during FY27, providing further headroom for future fundraising.

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.