GIC Housing Finance to raise money
GIC Housing Finance plans to raise Rs 1,000 crore through bonds.
The resolution for the same was passed at its annual general meeting on July 27 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,” the company said in a statement.
Company’s loan portfolio as on March 31, 2016 was Rs 7,980 crore, registering a growth of 20 per cent.