GIC Housing seeks shareholder approval to raise Rs 2,500 cr in Sept

On Wednesday, GIC Housing Finance Ltd told the media that it would seek approval from the shareholders to boost up to Rs 2,500 crore in debt capital during its AGM in the following month. The firm's next annual general meeting (AGM) is to be conducted on September 27. In a regulatory filing, GIC Housing Finance said that shareholders' nod is being sought in the aforesaid 31st AGM of the firm for fundraising through an issue of redeemable non-convertible debentures/bonds on a private placement basis up to aggregate the limit of Rs 2,500 crore. It added that the planned funds are to be raised in one or more tranches. Additionally, the firm said that the AGM would also decide on the dividend to be paid by the firm. The dividend would be paid (if accepted at AGM) on or after October 7, 2021. On Wednesday, shares of GIC Housing dropped 2.23% to close at Rs 140.45 apiece on the BSE. GIC Housing Finance Ltd is a subsidiary of General Insurance Corporation of India. The firm is involved in housing finance activity. Image Source Also read: PNB Housing Finance to raise Rs 35k cr after issues in Carlyle deal