Spandana Sphoorty spurts after board approves NCD issue

Spandana Sphoorty Financial jumped 6.15% to Rs 715.80 after the company's board approved plans to raise funds via issue of non-convertible debentures (NCDs) on private placement basis.

In a regulatory filing made during market hours today, the company said that the board's management committee had approved issuance of up to 215 secured, rated, listed, redeemable, transferable, non-convertible debentures (NCDs) having face value of Rs 10 lakh each, aggregating up to Rs 21.50 crore.

The sub-committee of the board also approved issuance of up to 5000 secured, rated, listed, redeemable, transferable, principal protected market linked, NCDs having face value of Rs 1 lakh each, aggregating up to Rs 50 crore. The issue also comprises of a green shoe option to issue up to 5000 additional such NCDs having face value of Rs 1 lakh aggregating up to Rs 50 crore.

 

Spandana Sphoorty Financial is a non-banking financial company - micro finance institution (NBFC-MFI).

The MFI reported 46% jump in consolidated net profit to Rs 66.76 crore on 3.4% decline in total income to Rs 354.11 crore in Q2 FY21 over Q2 FY20.

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