Spandana Sphoorty board OKs to sell stressed loans for Rs 133 cr

Spandana Sphoorty Financial on Saturday announced that its board approved the transfer of stressed loan portfolio to an asset reconstruction company (ARC) for Rs 133 crore.

As on 31 December 2022, the company's outstanding written-off portfolio stood at Rs 372.45 crore.

The company received a binding bid from an ARC, amounting to Rs.133 crore, on security receipt consideration basis.

The company said that it shall follow swiss challenge method for bidding and decision of sale shall be taken as per extant guidelines governing swiss challenge method and the relevant policy of the company.

Spandana Sphoorty Financial is a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) with a geographically diversified presence in India.

The company reported 58.6% jump in consolidated net profit to Rs 71.37 crore on 7.2% rise in total income to Rs 375.01 crore in Q3 FY23 over Q3 FY22.

The scrip fell 0.89% to currently trade at Rs 555.35 on the BSE.

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