Ind-Ra affirms Spandana Sphoorty's NCDs and Bank Loans at 'IND A/Stable'; stock jumps ~2%

26 Aug 2022 , 02:58 PM

Spandana Sphoorty Financial Limited informed that India Ratings and Research Private Limited (Ind-Ra) has affirmed Company’s NCDs and Bank Loans at ‘IND A/Stable’.

Principal protected-market linked debentures (PPMLDs) worth Rs1300 crore have been assigned an ‘IND PP-MLD Aemr/Stable’ rating. Outlook has been kept off Rating Watch Negative (RWN).

Company’s non-convertible debentures worth Rs200 crore were reviewed by Ind-Ra.

Further, Ind-Ra reviewed the company’s bank loans worth Rs500 crore.

The affirmation and RWN resolution reflect the resolution of board-level issues, the stabilization of operations with the implementation of new IT systems (along with the availability of complete historical data from the old system), and the recognition of the majority of legacy asset quality stress under the new management team, stated Ind-Ra in its rating rationale.

At around 3.03 PM, Spandana Sphoorty was trading at Rs519.45 up by 2.03% from its previous closing of Rs509.10 on the BSE.

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