The board of Spandana Sphoorty Financial on Wednesday approved issue of non-convertible debentures having face value of Rs 10 lakh each aggregating up to Rs 300 crore in three rounds.
Under each round, the company will issue 1,000 senior, secured, rated, listed, redeemable, non-convertible debentures having face value of Rs 10 lakh each aggregating up to Rs 100 crore. The rate of interest is fixed at 11.355 per annum.The tenure of the first tranche will be 14 months from the allotment date. The tenure of the second tranche will be 28 months from the deemed date of allotment. The next round of NCDs will have a tenure of 36 Months from the deemed date of allotment.
Spandana Sphoorty Financial is a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) with a geographically diversified presence in India.
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.
The scrip declined 1.92% to currently trade at Rs 589.40 on the BSE.
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