GIC Housing Finance to raise Rs 1,000 crore through bonds
Company's loan portfolio as on March 31, 2016 was Rs 7,980 crore
New Delhi: GIC Housing Finance Friday said that it plans to raise Rs 1,000 crore through bonds.
The resolution for the same was passed at its 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," it said in a regulatory filing.
Further, the company said its board has also declared a dividend of 50 per cent or Rs 5 per equity share on the paid up equity capital for the year 2015-16.
Company's loan portfolio as on March 31, 2016 was Rs 7,980 crore, registering a growth of 20 percent.
The net worth of GIC Housing Finance stood at Rs 720 crore in last fiscal as against Rs 622 crore in 2014-15.
GIC Housing Finance shares closed 0.55 per cent up at Rs 312.55 on BSE.
The company, however, did not specify on what it intends to do with the money
The company said it will utilise the money to re-pay or pre-pay term loan availed by it and for general corporate purposes