Spandana Sphoorty board nods fund raising of Rs300cr; Stock rallies over 3%

11 Jan 2022 , 09:25 AM

Spandana Sphoorty Financial Ltd has informed that the Board of Directors on January 10, 2022, discussed and approved the proposal of raising of funds by way of further issue of securities through private offerings and/or qualified institutions placement or other permissible mode under the applicable laws and/ or any combination thereof, in one or more tranches, for an aggregate amount not exceeding Rs300cr.

In furtherance to the above, the Board has approved the issuance of a postal ballot notice, seeking approval of Members of the Company for issue of equity shares for the proposed fund raise.

Separately, Nitin Agrawal, the Interim CEO has received a communication from one of the company’s promoters viz., Kanchenjunga Limited, indicating its in-principle interest to infuse up to Rs300cr as capital, subject to agreement on commercial terms (including instrument, timing, pricing and other terms) and receipt of necessary regulatory approvals. 

At around 9:24 AM, Spandana Sphoorty Financial was trading at Rs408.15 per piece up by Rs13.2 or 3.34% on the BSE.