GRUH Finance Ltd (formerly known as Gujarat Rural Housing Finance Corporation) was incorporated in July 21st, 1986 as a specialized Housing Finance Company. The principal business is to provide loans for purchase or construction of residential houses. GRUH Finance is a subsidiary of HDFC Ltd - the pioneer in housing finance in India. As on 31 March 2019, GRUH Finance had retail network of 195 offices across 11 states and one union territory. GRUH Finance commenced operations from Ahmedabad, Gujarat in January 1988. The company came out with an FCD issue in 1994-95, which was oversubscribed. Keeping in view the competitive environment and the emerging challenges, the company has introduced new loan products like site finance and loans for non-residential premises. It also plans to finance land development projects.The company received a rating of MA+ (1999-2000) for its fixed deposit programme from Investment Information & Credit Rating Agency of India. To focus on poorer households in rural and semi-urban areas, the company decided to set up GRUH Foundation. Also, during the year 1999-2000, GRUH opened four new retail offices in Amravati, Chandrapur, Modasa and Palanpur and three service centres - one in Pune and two in Surat. Due to the stiff competition, the company has introduced three-tier pricing strategy linked to the duration of the loan. The company was the first HFC to re-introduce the 20-year home loan product in the market.During the year 2000-01, Housing Development Finance Corporation Ltd., (HDFC) the largest shareholder of the company acquired 68,90,000 equity shares from Gujarat Ambuja Cements Ltd.,(GACL) in July 2000. As a result, GRUH Finance became a subsidiary of HDFC.During the financial year 2011-12, GRUH Finances loan disbursements rose to Rs 1486.52 crore as against Rs 1210.69 crores in the previous year. The company disbursed Rs 528.03 crore in respect of 10,126 dwelling units during the year under the Golden Jubilee Rural Housing Finance Scheme of the Government of India.During the financial year 2012-13, GRUH Finances loan disbursements rose to Rs 2174.39 crore as against Rs 1486.52 crore in the previous year. The company disbursed Rs 724.96 crore in respect of 12,094 dwelling units during the year under the Golden Jubilee Rural Housing Finance Scheme of the Government of India.The Board of Directors of GRUH Finance at its meeting held on 24 April 2012 approved sub-division of the nominal value of the equity shares of the company from Rs 10 each to the nominal value of Rs 2 each, subject to the approval of the shareholders at the 26th Annual General Meeting (AGM) of the company.During the financial year 2013-14, GRUH Finances loan disbursements rose to Rs 2577.47 crore as against Rs 2174.39 crore in the previous year. The company continued to focus mainly on the retail segment and disbursed Rs 2375.10 crore to 31,555 families.The Board of Directors of GRUH Finance at its meeting held on 11 April 2014 approved the issue of Bonus shares in the ratio of 1:1.During the financial year 2014-15, GRUH Finances loan disbursements rose to Rs 3120.87 crore as against Rs 2577.47 crore in the previous year. The company disbursed Rs 1296.14 crore in respect of 18,719 dwelling units during the year under the Golden Jubilee Rural Housing Finance Scheme of the Government of India. During the financial year 2015-16, GRUH Finances loan disbursements rose to Rs 3856.58 crore as against Rs 3120.87 crore in the previous year. The company disbursed Rs 1615.72 crore in respect of 22,208 loans during the year under the Golden Jubilee Rural Housing Finance Scheme of the Government of India.During the financial year 2016-17, GRUH Finances loan disbursements rose to Rs 4125 crore as against Rs 3857 crore in the previous year. During the year, GRUH raised NCDs amounting to Rs 1940 crore on a private placement basis. The company mobilised deposits of Rs 521 crore and experienced a renewal ratio of 42.89% during the year.During the financial year 2017-18, GRUH Finances loan disbursements rose to Rs 5259 crores as against Rs 4125 crores in the previous year. GRUH continued to focus mainly on the retail segment and disbursed Rs 4645 crore to 50,137 families. Cumulative disbursements as on 31 March 2018 were Rs 28456 crore. During the year, GRUH Finance raised NCDs amounting to Rs 2060 crores on a private placement basis. The company mobilised deposits of Rs 477 crore and experienced a renewal ratio of 50.71% during the year. The Board of Directors of GRUH Finance at its meeting held on 14 April 2018 recommended the issue of bonus shares in the ratio of 1:1.During the year, GRUH submitted claims aggregating subsidy of Rs. 335.65 crores in respect of 14,234 loans aggregating loan amount of Rs. 1,304.42 crores. Of the above, GRUH received claims of Rs. 196.58 crores in respect of 8,508 loan accounts aggregating loan amount of Rs. 767.74 crores. The subsidy received is credited to the respective customers loan account by way of prepayment and the installment amount is reduced keeping the balance tenure constant. Claims in respect of 5,726 loans are awaiting sanction from NHB in respect of Loan amount of Rs. 536.68 crores. Since inception of the scheme, GRUH has disbursed 32,783 loans wherein customers are eligible for CLSS subsidy in respect of loan amount of Rs. 2,739 crores of which GRUH has received claim of Rs. 319.16 crores in respect of 14,667 loans. The majority of the claims submitted are in respect of the EWS and LIG customers.GRUH received fresh sanctions from banks amounting to Rs. 1,380 crores and the same was availed during the year. The outstanding bank term loans as at March 31, 2018 were Rs. 5,638 crores.GRUH mobilised deposits of Rs. 477 crores and experienced a renewal ratio of 50.71% during the year 2018. The outstanding balance of deposits as at March 31, 2018 was Rs. 1,458 crores.GRUH continues to maintain its Statutory Liquidity Ratio (SLR) as stipulated by NHB. Accordingly, GRUH carried investments in approved securities aggregating to Rs. 214.48 crores as at March 31, 2018 to meet the requirement of the SLR. GRUH has classified its investments as long-term and valued them at cost. Adequate provision, towards loss, if any, to be experienced on redemption of investments on maturity has been made.The Board of Directors of the Company, at its meeting held on January 7, 2019, approved the Composite Scheme of Arrangement for merger of the Company with and into Bandhan Bank Limited under Sections 230-232 of the Companies Act, 2013, subject to receipt of applicable approvals. The proposed amalgamation has been approved by the Competition Commission of India on April 15, 2019. No objection has been issued by the National Housing Bank (NHB) on March 4, 2019, the National Stock Exchange of India Limited on April 3, 2019 and the BSE Limited on April 3, 2019, respectively. Housing Development Finance Corporation Limited and Bandhan Bank Limited have also received approval from the Reserve Bank of India. The Scheme remains subject to approvals from the National Company Law Tribunal (NCLT), the respective shareholders and creditors of the Company as applicable and other applicable statutory and regulatory approvals. Similar approvals are also pending in respect of Bandhan Bank.During the year 2019, the paid up equity share capital increased as a result of the 1:1 Bonus issue, whereby the Company allotted 36,57,20,011 bonus shares.Loan disbursements during the year 2019 were Rs 4,936 crore. GRUH continued to focus mainly on the retail segment and disbursed Rs 4,213 crore to 42,994 loans. Cumulative disbursements as at March 31, 2019 were Rs 33,392 crore.During the year 2019, GRUH disbursed Rs 1,578 crore in respect of 15,546 loans in the rural areas. Cumulative disbursements under the rural housing has been Rs 13,470 crore in respect of 2,26,921 loans. Affordable Housing GRUH has signed the MOU with the Government of India for the Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana for Economically Weaker Section (EWS), Lower Income Group (LIG) and Middle Income Group (MIG) segments. GRUH has been an active contributor to the scheme and has sanctioned Rs 1,944 crore during the year in respect of 18,736 loans wherein the customers were eligible for CLSS. During the year, GRUH submitted claims aggregating to a subsidy of Rs 391 crore in respect of 16,090 loans aggregating to loan amount of Rs 1,557 crore. GRUH received and credited claims of Rs 464 crore in respect of 18,990 loan accounts aggregating to loan amount of Rs 1,763 crore. The subsidy received is credited to the respective customers loan account and the installment amount is reduced, keeping the balance tenure constant. Claims in respect of 4,452 loans are awaiting sanction from NHB / credit to individual customers loan accounts in respect of loan amount of Rs 454 crore. Since inception of the scheme, GRUH has sanctioned 53,490 loans wherein customers are eligible for CLSS subsidy in respect of loan amount of Rs 5,140 crore. GRUH has received claim of Rs 727 crore in respect of 31,349 loans.GRUH received fresh sanctions from banks amounting to Rs 2,850 crore and the same was availed during the year. The outstanding bank term loans as at March 31, 2019 were Rs 6,775 crore.During the year, GRUH acquired 103 properties and disposed off 41 properties. It further carried 355 properties as at March 31, 2019.During the year 2019, GRUH earned Rs 52 crore as surplus from cash management schemes of mutual funds and Rs 47 crore by way of interest on deposits placed with banks. At the end of the year, GRUH maintained Rs 900 crore by way of short-term liquid deposits with banks.
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