Repco Home Finance Limited has received regulatory approval from the Reserve Bank of India (RBI) for the appointment of Mr. Paiyur Kuppuraman Vaidyanathan as Whole-time Director, marking a significant leadership development for the Chennai-based housing finance company.

Regulatory Approval and Appointment Details

The RBI, through its letter dated December 19, 2023, confirmed that it has no objection to the appointment of Mr. Vaidyanathan as Whole-time Director (Executive Non-Independent Director). This approval follows the company's Board decision made on August 7, 2023, which had initially approved the appointment subject to regulatory and shareholder approvals.

Professional Background and Qualifications

Mr. Vaidyanathan brings extensive banking expertise to his new role, currently serving as Chief General Manager of Repco Bank, the company's promoter. His educational qualifications include:

• Bachelor's Degree in Science
• Master's Degree in Public Administration
• Post Graduate Diploma in Computer Applications
• Diploma in AML KYC
• Certification as an Associate of the Indian Institute of Bankers

His professional experience spans over 30 years in banking, with notable positions including:

• Chief Vigilance Officer (CVO) of Repco Bank (June 2016 to September 2020), appointed by the Ministry of Home Affairs, Government of India
• Chief Development Officer at Repco Home Finance Limited since November 29, 2023
• Current deputation from Repco Bank to Repco Home Finance Limited

Corporate Governance and Compliance

The appointment follows proper regulatory protocols under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Mr. Vaidyanathan is not related to any existing directors of the company and is not debarred from holding directorial positions by any regulatory authority.

The company has confirmed that it will seek shareholder approval for this appointment in due course, with necessary intimations to be provided as required under regulatory guidelines.

Organizational Structure

As part of the promoter representation structure, Mr. Vaidyanathan joins other Repco Bank representatives on the board. The appointment strengthens the governance framework while maintaining the promotional relationship between Repco Bank, a Government of India enterprise, and Repco Home Finance Limited.

The dual role arrangement allows Mr. Vaidyanathan to continue his responsibilities as Chief Development Officer while taking on additional strategic oversight as a Whole-time Director, ensuring continuity in the company's development initiatives.

Repco Home Finance Limited has secured provisional ratings from ICRA Limited for its securitisation notes worth ₹98.26 crores. The housing finance company announced these rating assignments to the stock exchanges, fulfilling its disclosure requirements under Regulation 30.

Rating Details and Structure

ICRA Limited has assigned provisional ratings to two distinct series of securitisation notes under the Pratham122025 trust structure. The rating action covers instruments with varying risk profiles and corresponding rating grades.

The Series A1 SNs, representing the larger portion at ₹93.25 crores, received the higher provisional ICRA [AAA] (SO) rating, indicating superior credit quality. The Equity Tranche SNs, valued at ₹5.01 crores, were assigned a provisional ICRA [AA-] (SO) rating, reflecting a slightly lower but still strong credit assessment.

Securitisation Framework

The securitisation notes operate under the Pratham122025 trust name, representing a structured finance arrangement. This framework allows Repco Home Finance to convert its loan portfolio into tradeable securities, providing liquidity and risk distribution benefits. The provisional nature of these ratings indicates they are subject to final documentation and structural confirmations.

Regulatory Compliance

The disclosure demonstrates the company's commitment to keeping investors informed about significant financial developments.

Strategic Implications

The successful rating assignment may enable Repco Home Finance to proceed with its securitisation program, potentially improving its funding diversification and capital efficiency. The strong ratings, particularly the provisional [AAA] rating for the majority tranche, reflect the underlying asset quality and structural protections built into the securitisation arrangement.