Alteration in composition of Authorized Capital: Currently the company has an authorized capital base of Rs 150 crore comprising of 5 crore equity shares at a face value of Rs 10 each for Rs 50 crore and 1 crore Redeemable Preference shares at Rs 100 each for Rs 100 crore. The company kept the authorized capital base unchanged at Rs 150 crore but increased the equity capital base to Rs 100 crore and reduced the preference capital base to Rs 50 crore. Current subscribed equity capital is Rs 27 crore and preference capital is nil.

The company took such a decision to provide enough head space to go for a further equity issue in the future keeping in mind the capital requirements and growth prospects of the housing finance industry.

GIC to hold future AGMs at an earlier date: Shareholders were unhappy as the AGM was scheduled at the fag end of the stipulated time period, which delays the receipt of dividend warrants. The chairman has assured to look into the matter and would schedule future AGMs at an earlier date.

Transfer of Rs 12.5 crore to Special Reserve: A below the line appropriation of Rs 12.5 crore to a Special Reserve account was done to reduce tax outflow and enhance the networth of the company.

Above industry average performance: As against the growth rate of around 30% reported for the industry, the company achieved over 40% growth in loan approvals, disbursements, portfolio size and profit.

60% growth in PAT: PAT for FY05 stood at Rs 17.76 crore as against Rs 11.12 crore in the previous year.

Reduction in borrowing cost: Borrowing cost reduced to 6.25% as against 7.60% in the previous year.

Approvals grew by 46%: the company approved housing loans of Rs. 805 crore for FY05 as compared to Rs.550 crore for the previous year, recording a growth of 46%. The cumulative loan approvals as at 31st March 2005 stand at Rs.2781 crore comprising 76,411 units.

Disbursements grew by 47%: the company disbursed housing loan aggregating to Rs.659 crore during the year compared to Rs.448 crore for the previous year, recording a growth of 47%. The cumulative disbursements as at 31st March 2005 stand at Rs.2427 crores.

Not much was spoken on the outlook of the company and future growth prospects however the theme that was evident from the meeting was that GIC is now focussing more on retail growth as it has exited from builder financing.