Spandana Sphoorty gains as board OKs to sell stressed loans for Rs 95 cr

Spandana Sphoorty Financial surged 4.64% to Rs 573.10 after company said that its board approved the transfer of stressed loan portfolio for Rs 95 crore on 28 December 2022.

As on 30 September 2022, the company's outstanding stressed loan portfolio including written off loans stood at Rs 323.08 crore.

The company's board of directors has approved the transfer of outstanding stressed loan portfolio to an asset reconstruction company for Rs 95 crore.

In an exchange filing the company stated, The board has approved the transfer of stressed loan portfolio including written off loans of Rs 323.08 crore outstanding as on 30 September 2022 to an asset reconstruction company pursuant to swiss challenge method for a consideration of Rs 95 crore.

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 a consolidated net profit of Rs 55.15 crore in Q2 FY23 as against a net loss of Rs 57.94 crore in Q2 FY22. Total income declined 21.7% YoY to Rs 310.15 crore during the quarter ended 30 September 2022.

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