Spandana Sphoorty raises Rs 120 cr via NCDs

Spandana Sphoorty Financial has allotted 12,000 non-convertible debentures (NCDs) worth Rs 120 crore to IIFL Income Opportunities Fund - Series 2.

The management committee of the board of directors of the company at its meeting held 26 February 2021 has approved and allotted 12,000 secured, rated, listed, redeemable, non-convertible debentures of face value of Rs 1,00,000 each, at par, on a private placement basis to IIFL Income Opportunities Fund - Series 2, in demat form, in consideration of an aggregate amount of Rs 120 crore.

The interest rate on the instrument is 12.50% per annum payable monthly. The tenure of the instrument is 36 months. The date of allotment is 26 February 2021 and the date of maturity is 26 February 2024.

Spandana Sphoorty reported a consolidated net loss of Rs 29.70 crore in Q3 FY21 compared with net profit of Rs 129.61 crore in Q3 FY20. Total income fell 4% year-on-year (Y-o-Y) to Rs 344.26 crore during the quarter.

Shares of Spandana Sphoorty Financial fell 1.20% to close at Rs 626.30 on Friday, 26 February 2021. Spandana Sphoorty Financial is a non-banking financial company - micro finance institution (NBFC-MFI).

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