Spandana Sphoorty rises as board OKs NCD issue upto Rs 100 cr

Spandana Sphoorty Financial rose 2.36% to Rs 563 after its board approved issue of non-convertible debentures (NCDs) Upto Rs 100 crore only including green-shoe option of Rs 50 crore only on private placement basis.

The secured, listed, redeemable, non-convertible debentures having a rate of interest at 11.35% p.a. will be allotted on 8 December 2022 and will mature on 8 September 2024.

Spandana Sphoorty Financial is a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) with a geographically diversified presence in India. As on 30 September 2022, the promoter and promoter group held 63.03% stake in the company.

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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