Spandana Sphoorty Financial informed that the management committee of its board has approved the issuance of non-convertible debentures (NCDs) aggregating upto Rs 100 crore on private placement basis.
The company will issue 5000 secured, senior, redeemable, transferable, listed, rated NCDs having face value of Rs 1 lakh per debenture, aggregating upto Rs 50 crore in two tranches.The first tranch will be allotted on 21 March 2024 and it will be matured on 21 December 2026, having an interest rate of 10.75% p.a.
The second tranch will be allotted on 28 March 2024 and it will be matured on 28 March 2026, having an interest rate of 9.81% p.a.
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 rose 0.82% to currently trade at Rs 862.20 on the BSE.
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