Spandana Sphoorty Financial to raise up to Rs 100 cr on private placement

Non-banking finance company Spandana Sphoorty Financial Ltd on Saturday said it will raise up to Rs 100 crore by issuing bonds on a private placement basis.

The decision was taken at a meeting of the management committee of the board on Saturday, it said in a regulatory filing.

The committee approved the issuance of 1,000 rated, listed, secured, redeemable non-convertible debentures (NCDs) aggregating up to an amount of Rs 100 crore on a private placement basis, it said.

The company offers joint liability group (JLG) loans, loans against property and personal loans, among others.

With presence in 18 states, it had gross loan portfolio of Rs 6,829 crore as on March 31, 2020, catering to 2.57 million borrowers.