Spandana Sphoorty gets Rs 95 crore bid from ARC for stressed assets

Spandana Sphoorty Financial said that the company has received a binding bid from an ARC, amounting to Rs 95 crore, for the written-off portfolio with outstanding of Rs 323.08 crore as on 30 September 2022.

In an exchange filing made during market hours today, the microfinancier said that pursuant to the approval of the management committee of the board of directors of the company for the transfer of stressed loan portfolio including written off loans to asset reconstruction company (ARC), the company has received a binding bid from an ARC, amounting to Rs 95 crore, on security receipt consideration basis, for the written-off portfolio with outstanding of Rs 323.08 crore as on 30 September 2022.

"The company 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 said in a statement.

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.

The scrip slipped 3.49% to currently trade at Rs 526.50 on the BSE.

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