Business Standard

Spandana Sphoorty Financial IPO to open on August 5; price band at Rs 853-856 per share


Press Trust of India New Delhi
Micro-finance lender Spandana Sphoorty Financial Ltd, will launch its initial public offer on August 5 in a price band of Rs 853-856 per share to raise about Rs 1,200 crore.
The offer consists of a fresh issue of up to Rs 400 crore and an offer for sale of up to 93,56,725 equity shares, the company said in a statement on Wednesday.
The offer will close on August 7, 2019.
The net proceeds from the fresh issue are proposed to be utilised towards augmenting its capital base to meet future capital requirements and general corporate purposes, it added.
Axis Capital, ICICI Securities, IIFL Securities, JM Financial, IndusInd Bank and Yes Securities will manage the offer.
The equity shares of the rural focused Non-Banking Financial Company - Micro Finance Institutions (NBFC-MFI) are proposed to be listed on BSE and NSE.
The company offers income generation loans under the joint liability group model, predominantly to women from low-income households in rural areas.

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First Published: Jul 31 2019 | 4:20 PM IST

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