You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Spandana Sphoorty raises Rs 120 cr via NCDs

Capital Market 

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).

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, February 27 2021. 11:52 IST