Spandana Sphoorty to mull NCD issue on 28 September

26 Sep 2022 , 09:33 AM

In a separate exchange filing, the company said that its board has approved and allotted 402 secured, senior, redeemable, transferable, listed, principal protected, market linked, rated, non-convertible debentures of face value of Rs 10 lakh at premium of Rs 3,924 each, on a private placement basis in demat form, in consideration of an aggregate amount of Rs 40,35,77,448 issued through placement memorandum dated 23 September 2022. The NBFC said that the size of the issue is Rs 50 crore including greenshoe option of Rs 25 crore. The tenure of the issued NCDs is 18 months and 9 days. Meanwhile, the date of maturity for the said NCDs is 1 April 2024. 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. Shares of Spandana Sphoorty Financial declined 1.33% to Rs 557.10 on the BSE. Powered by Capital Market – Live News