Spandana Sphoorty Financial said that its board has approved the allotment of 600 non-convertible debentures on a private placement basis for an aggregate consideration of Rs 60 crore.
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.
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