Spandana Sphoorty Financial gained 2.64% to Rs 601.65 after the company said that its board has approved the allotment of 1,000 non-convertible debentures (NCDs) on a private placement basis for an aggregate consideration of Rs 100 crore.
In an exchange filing, the micro financier said that its board has approved and allotted 1,000 senior, secured, rated, listed, redeemable non-convertible debentures having a face value of Rs 10 lakh each, at par, on a private placement basis, in consideration of an aggregate amount of Rs 100 crore.
On 2 December 2022, the company's board had approved NCDs upto Rs 100 crore only including green-shoe option of Rs 50 crore on private placement basis. The NCDs having a rate of interest of 11.35% p.a. payable monthly. The tenure of the instrument is 21 months and the date of maturity is fixed on 8 September 2024.
Spandana Sphoorty Financial is a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) with a geographically diversified presence in India. As on 30 September 2022, the promoter and promoter group held 63.03% stake in the company.
The company reported a consolidated net profit of Rs 55.15 crore in Q2 FY23 as against a net loss of Rs 57.94 crore in Q2 FY22. Total income declined 21.7% YoY to Rs 310.15 crore during the quarter ended 30 September 2022.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content