New Delhi, Aug 25 (PTI) GIC Housing Finance has said it is mulling to raise up to Rs 2,500 crore by issuing bonds on a private placement basis to augment its capital resources.

"Seeing the long-term borrowing requirement of the company and to augment resources at a cheaper rate of interest, approval is sought to mobilise some more funds by way of issue of redeemable NCDs/bonds on private placement basis," GIC Housing Finance said in its annual report 2021-22.

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The housing financier will seek approval from its shareholders on the capital raise plan in the upcoming annual general meeting on September 23, 2022.

The company said whether the funds will be moped-up in one or more tranches will depend upon the requirement, time of issue as well as market conditions, in accordance with the decision of the committee of the board members.

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GIC Housing Finance stock closed at Rs 144.95 apiece on BSE on Thursday, up by 3.83 per cent from previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)