Today's Top Gainer
Note:Top Gainer - Nifty 50 More
Meanwhile, the S&P BSE Sensex was up 318.27 points or 0.85% to 37,668.60.
The stock debuted at Rs 824, a discount of 3.74% to the initial public offer (IPO) price. So far the stock hit a high of Rs 849 and low of Rs 802.05. On BSE, so far 79,000 shares were traded on the counter.
The initial public offer (IPO) of Spandana Sphoorty Financial received bids for 1.03 crore shares and was subscribed 1.05 times. The IPO opened for subscription on 5 August 2019 and it closed on 7 August 2019. The price band for the issue was fixed at Rs 853 to Rs 856 per share.
The net proceeds of the fresh issue are proposed to be utilised for augmenting capital base and general corporate purposes. The net proceeds of the fresh issue are proposed to be deployed in FY2020. Further, there will be the benefits of listing of the equity shares on the stock exchanges, enhancement of the brand name and creation of a public market for equity shares in India.
On a consolidated basis, Spandana Sphoorty reported profit after tax (PAT) of Rs 311.90 crore on income from operations of Rs 1043.10 crore in the financial year ended on 31 March 2019.
Spandana Sphoorty is a fourth largest non-banking financial company - micro finance institution (NBFC-MFI) and the sixth largest amongst NBFC-MFIs and SFBs (small finance banks) in India in terms of AUM with a geographically diversified presence in India. It offers income generation loans under the joint liability group model, predominantly to women from low-income households in rural Areas. Through its extensive corporate history, the company has developed an in-depth understanding of the borrowing requirements of the low-income client segment. The business model involves regular client meeting processes through employees, who maintain contact with clients across the districts covered by the company.
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