Spandana Sphoorty board OKs NCD issue of Rs 60 crore

10 Sep 2022 , 11:45 AM

In an exchange filing made after market hours yesterday, the micro financier said that its board has approved and allotted 600 senior, secured, rated, listed, redeemable, transferable, principal protected, market linked (PP-MLD) non-convertible debentures of Rs 10 lakh each, at par, on a private placement basis, in consideration of an aggregate amount of Rs 60 crore. The tenure of the issued NCDs is 18 months and the date of maturity is 9 March 2024. The interest rate on the said NCDs is based on the performance of reference index of 10-Year government security 6.54% GS 2032. Spandana was incorporated in 2003 as an NBFC after it took over the microfinance operations of a non-governmental organisation started by Padmaja Reddy in 1998. The company was classified as an NBFC – microfinance institution in 2015. As on 30 June 2022, Spandana had operations in 18 states/union territories spanning across 300 districts with AUM outstanding of Rs 5,510 crore. The company reported a consolidated net loss of Rs 219.77 crore in Q1 FY23 as against a net profit of Rs 53.95 crore in Q1 FY22. Total income during the period under review declined by 40.5% YoY to Rs 258.86 crore. The scrip rose 1.16% to end at Rs 599.85 on the BSE on Friday. Powered by Capital Market – Live News