Spandana Sphoorty board OKs debenture issue

Spandana Sphoorty Financial said that the management committee of the board has approved the issuance of upto 25,000 senior, secured, rated, listed, redeemable, transferable, principal protected, market-linked non-convertible debentures.

The non-convertible debentures (NCDs) will have a face value of Rs 1 lakh each, aggregating to Rs 250 crore.

The debenture issue has a green shoe option of issuing up to 17,500 NCDs having face value of Rs 1 lakh each aggregating to Rs 425 crore on private placement basis.

Spandana Sphoorty Financial is a non-banking financial company - micro finance institution (NBFC-MFI). The company is primarily engaged in the business of micro finance providing small value unsecured loans to low-income customers in semi-urban and rural areas.

The company reported 40.7% fall in consolidated net profit to Rs 49.27 crore on 9.2% rise in total income to Rs 480.29 crore in Q4 FY21 over Q4 FY20.

The scrip rose 3.02% to currently trade at Rs 718.55 on the BSE. In the past one month, the stock has gained 23.25% while the benchmark Sensex has added 8.39% during the same period.

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