LIC Housing Finance AGM 2026: ₹55,000 Cr NCD approval

AGM outcome: debt-raising headroom and dividend cleared

LIC Housing Finance Limited (LIC Housing Finance) said shareholders have approved key proposals at its 37th Annual General Meeting (AGM) held on August 28, 2026. The meeting was conducted through video conference and other audio-visual means from the company’s registered office in Mumbai. A special resolution authorising the Board to issue redeemable non-convertible debentures (NCDs) via private placement up to ₹55,000 crore was passed. Shareholders also approved ordinary resolutions to adopt audited financial statements for FY26 and to declare a final dividend for the year ended March 31, 2026.

The company’s AGM agenda also included the re-appointment of director P Koteswara Rao, who retires by rotation. The resolution for his re-appointment was approved by members. LIC Housing Finance noted that consolidated voting results along with the scrutiniser’s report would be submitted separately under Regulation 44(3) of the SEBI Listing Regulations, 2015.

Special resolution: ₹55,000 crore NCD issuance authorisation

The special resolution empowers LIC Housing Finance’s Board to issue redeemable NCDs or other Tier II capital instruments up to ₹55,000 crore through private placement. The stated purpose is to support the company’s funding strategy within its overall borrowing powers already approved by shareholders. As disclosed, the proposed NCD issuance limit sits within the existing total borrowing cap of ₹4,00,000 crore, which was approved at the company’s 30th AGM in 2019.

The disclosure also said that as of June 30, 2025, about ₹1,29,000 crore of the overall borrowing limit remained available. The authority for the ₹55,000 crore issuance is set to remain valid until the earlier of the 38th AGM for FY27 or the exhaustion of the ₹55,000 crore limit. The company has positioned the resolution as a capital-raising enabling measure rather than a single, immediate issuance.

Dividend: ₹10 per share, key dates and payout window

Alongside the capital-raising resolution, shareholders approved a final dividend of ₹10 per equity share for FY26. LIC Housing Finance had earlier fixed Friday, August 21, 2026 as the ex-date to identify eligible shareholders for the FY26 dividend, and the same date is also shown as the record date in the disclosed schedule.

The company said the dividend, after approval at the AGM, would be paid on or after September 17, 2026 and before September 27, 2026, after deduction of tax at source (TDS). LIC Housing Finance also asked shareholders to submit documents for determining the applicable TDS rate, with August 25, 2026 cited as the deadline for submission.

The board communication described the dividend as 500 percent of the face value, as the equity shares have a face value of ₹2 each.

How shareholders voted: e-voting window and eligibility

The company disclosed that shareholders holding shares as of the cut-off date of Friday, August 21, 2026 were eligible to vote and receive the dividend. Remote e-voting was scheduled to open on Tuesday, August 25, 2026 at 9:00 a.m. IST and close on Thursday, August 27, 2026 at 5:00 p.m. IST. Voting rights were to be proportional to shareholding on the cut-off date, and once cast, votes could not be modified.

For shareholders attending the virtual meeting, the company disclosed an access cap of 1,000 participants on a first-come, first-served basis, with exemptions for large shareholders holding 2 percent or more, promoters, and institutional investors.

Governance and compliance: chair, audits, scrutiniser

The AGM was chaired by Shri R Doraiswamy, Chairman and Non-Executive Director. The company said he briefed members on the economic environment, the company’s performance, and its future outlook, with specific reference to affordable housing initiatives and digitalisation efforts.

Eight shareholders registered as speakers and raised queries related to the annual financial statements and the Integrated Annual Report for FY24-25, which the chairperson addressed during the session. LIC Housing Finance also stated that its joint statutory auditors and secretarial auditors issued unqualified audit reports. The chairman noted that these reports and the AGM notice would be taken as read, in line with the Companies Act, 2013 and applicable secretarial standards.

M/s BPP & Company was appointed as the scrutiniser for the e-voting and poll process.

Snapshot: resolutions approved at the 37th AGM

Financial context: FY26 and 1QFY27 numbers disclosed

LIC Housing Finance reported profit after tax (PAT) of ₹5,595.15 crore for FY 2025-26, up 3.06 percent year-on-year, while profit before tax (PBT) rose 3.28 percent to ₹7,080.62 crore. Total income for FY26 was reported at ₹28,771.66 crore, compared with ₹28,046.13 crore in the previous year, a 2.59 percent increase. The company also reported that its total loan portfolio grew 4 percent to ₹3,20,707 crore, and total disbursements increased to ₹66,544 crore.

On asset quality, the disclosure said gross NPA declined to 2.15 percent from 2.47 percent and net NPA fell to 1.08 percent from 1.22 percent. Capital adequacy ratio was reported at 25.48 percent as at March 31, 2026.

For the quarter ended June 30, 2026 (1QFY27), LIC Housing Finance reported net profit of ₹1,499 crore, up 9.9 percent year-on-year from ₹1,364 crore. Total income for the quarter stood at ₹7,085.58 crore versus ₹7,094.47 crore a year ago, a 0.1 percent decline. Separately, an update also cited 1QFY27 PAT of about ₹1,490 crore, NII of about ₹2,080 crore, and fee and other income of ₹42 crore.

Market check: recent stock move cited

The disclosure also referenced a recent market close: on Wednesday, August 19, LIC Housing Finance shares closed at ₹498 on the NSE, down 0.16 percent. The stock opened at ₹501, hit an intraday high of ₹501.25, and a low of ₹496.70 during the session.

Market impact: what the approvals change and what they do not

The AGM approvals provide procedural and regulatory headroom for two distinct corporate actions: capital raising through privately placed NCDs up to ₹55,000 crore, and the FY26 final dividend payment of ₹10 per share. The NCD authorisation is framed as an enabling resolution under the company’s broader borrowing cap of ₹4,00,000 crore approved in 2019, and the company has stated that the authority lasts until the earlier of the next AGM or utilisation of the limit.

For investors focused on cash flows, the dividend approval clarifies timing. LIC Housing Finance has indicated the payout will be made between September 17 and September 27, 2026, subject to TDS. The company has also disclosed TDS treatment: resident members with valid PANs are subject to a 10 percent TDS rate, while non-residents face 20 percent withholding unless a beneficial Double Tax Avoidance Agreement applies.

Why the AGM matters: funding flexibility and governance signals

From a funding perspective, the NCD issuance approval matters because housing finance companies typically manage asset-liability matching and liquidity through diversified borrowing sources. The disclosed link to the overall borrowing cap and the remaining headroom (₹1,29,000 crore as of June 30, 2025) provides context on how the new limit sits within existing shareholder-approved powers.

From a governance standpoint, the company’s disclosure emphasised process details such as unqualified audit reports, a named scrutiniser, and filing of voting results under SEBI listing rules. The re-appointment of a director by rotation and the use of VC/OAVM format are also part of the compliance narrative for listed companies.

Conclusion: what to track next

LIC Housing Finance’s 37th AGM resulted in shareholder approval for a ₹55,000 crore private placement NCD issuance limit and a final dividend of ₹10 per share for FY26, along with adoption of FY26 audited accounts and the re-appointment of P Koteswara Rao. Next, investors can watch for the separate filing of consolidated voting results and the scrutiniser’s report under Regulation 44(3), and for dividend payment execution within the September 17 to September 27, 2026 window, net of applicable TDS.