New Delhi: GIC Housing Finance Ltd on Friday said it plans to raise Rs1,000 crore through bonds.
The resolution for the fundraising was passed at GIC’s annual general meeting on 27 July to raise money by issuing non-convertible debentures (NCDs).
“...approval of the members (shareholders) accorded to enter into agreements/transactions with related parties for raising funds through NCDs/bonds, to take property/properties on lease/rent, to avail/render any services or any other kind of transactions which construe to be related party transactions up to an aggregate limit of Rs 1,000 crore,” GIC said in a regulatory filing.
The company said its board has also declared a dividend of 50% or Rs5 per equity share on the paid-up equity capital for 2015-16.
GIC’s loan portfolio as on 31 March 2016 was Rs7,980 crore, registering a growth of 20%. The net-worth of GIC Housing Finance stood at Rs720 crore in the last fiscal as against Rs622 crore in 2014-15.
GIC Housing Finance shares closed 0.55% up at Rs312.55 on BSE on Friday.