Spandana Sphoorty board approves NCD issue of Rs 25 cr

Spandana Sphoorty Financial on Wednesday announced that its board has approved the issuance of upto 500 non-convertible debentures (NCDs) aggregating up to Rs 25 crore on a private placement basis with a green shoe option up to Rs 25 crore.

In an exchange filing, the NBFC said that its board has considered and approved the issuance of upto 500 secured, senior, redeemable, transferable, listed, principal protected, market linked, rated, non-convertible debentures of face value of Rs 10 lakh each, aggregating up to Rs 25 crore on a private placement basis with a green shoe option up to Rs 25 crore in the form of secured, senior, redeemable, transferable, listed, principal protected, market linked, rated, non-convertible debentures of face value of Rs 10 lakh each on private placement basis.

Spandana was incorporated in 2003 as an NBFC after it took over the microfinance operations of a non-governmental organisation started by Padmaja Reddy in 1998. The company was classified as an NBFC - microfinance institution in 2015. As on 30 June 2022, Spandana had operations in 18 states/union territories spanning across 300 districts with AUM outstanding of Rs 5,510 crore.

The company reported a consolidated net loss of Rs 219.77 crore in Q1 FY23 as against a net profit of Rs 53.95 crore in Q1 FY22. Total income during the period under review declined by 40.5% YoY to Rs 258.86 crore.

Shares of Spandana Sphoorty Financial were up 0.43% to Rs 605 on the BSE.

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