The NBFC said that a meeting of the management committee of the board of directors is scheduled to be held on Friday, 14 October 2022 to consider and approve, the issue and offer of non-convertible debentures (NCDs) on a private placement basis.
Meanwhile, the board of Spandana Sphoorty Financial will consider Q2 earnings on Monday, 17 October 2022.
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 1.14% to Rs 555 on the BSE.
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