Spandana Sphoorty Financial to raise upto Rs 300 cr from promoter, Kanchenjunga

11 Jan 2022 , 10:09 AM

Meanwhile, Nitin Agrawal, the interim CEO of Spandana Sphoorty Financial, announced that one of their promoters viz., Kanchenjunga, indicated its in-principle interest to infuse up to Rs 300 crore as capital, subject to agreement on commercial terms (including instrument, timing, pricing and other terms) and receipt of necessary regulatory approvals. The company will separately evaluate this and write back with further updates, if any.

On 5 January 2022, Spandana Sphoorty Financial had intimated regarding its plans to consider a proposal for fund raising through further issue of securities through public and/ or private offerings including qualified institutions placement or other permissible mode under the applicable laws and/ or any combination thereof, in one or more tranches.

The NBFC reported a consolidated net loss of Rs 57.9 crore in Q2 FY22 as against a consolidated net profit of Rs 66.7 crore reported in Q2 FY21. Total revenue from operations increased 14.7% to Rs 395.60 crore in Q2 FY22 from Rs 344.80 crore registered in Q2 FY21.

Shares of Spandana Sphoorty Financial slipped 0.09% to Rs 394.60 on BSE. Spandana Sphoorty Financial is a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) with a geographically diversified presence in India.

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