Spandana Sphoorty Financial said that its management committee of the board will meet on Monday, 4 March 2024 to raise funds through non-convertible debentures (NCDs) on private placement basis.
The announcement was made after market hours yesterday.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 offers income generating loans under the joint liability group (JLG) model, predominantly to women from low-income households in rural areas.
The companys consolidated net profit jumped 78.5% to Rs 127.39 crore on 75.2% increase in total income to Rs 656.84 crore in Q3 FY24 over Q3 FY23.
The scrip fell 2.93% to ended at Rs 938.15 on Wednesday, 28 February 2024.
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