Spandana Sphoorty Sanctions ₹100 Cr NCDs for Issuance

Spandana Sphoorty raises Rs 30 Cr via NCDs

Spandana Sphoorty NCDs Issuance

Spandana Sphoorty Financial, a leading microfinance company, announced on Friday that its board of directors has given the approval to raise ₹100 crore through the issuance of Non-Convertible Debentures (NCDs). The NCDs will be offered on a private placement basis, with an additional green shoe option of ₹50 crores.

According to a regulatory filing by Spandana Sphoorty Financial, the Management Committee of the Board of Directors held a meeting on June 2, 2023, where they considered and approved the issuance of Listed, Secured, Senior, Redeemable, Transferable, Rated Non-Convertible Debentures. The total value of the NCDs to be issued is up to ₹100,00,00,000, including the green shoe option of ₹50,00,00,000.

The NCDs will be allotted on June 12, and the tenure of the instrument will be 24 months from the deemed date of allotment. Investors can expect an attractive interest rate of 10% per annum.

Spandana Sphoorty Financial, a non-banking financial company and microfinance lender (NBFC-MFI), reported impressive financial results for the quarter ending in March 2023.

In Q4FY23, the company’s consolidated net profit soared to ₹105.55 crore, while its total income reached ₹533 crore. The core net interest income also witnessed growth, rising to ₹384 crores.

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Shalabh Saxena, the managing director and chief executive of Spandana Sphoorty Financial, expressed the company’s goal of disbursing ₹11,500 crores in loans during FY24. Additionally, they plan to expand their presence by opening 400 new branches.

The share price of Spandana Sphoorty Financial has exhibited significant growth, with an increase of over 19% in 2023 and returns exceeding 85% over the past year.

As of 1:45 pm, the shares of Spandana Sphoorty Financial were trading at ₹700.00 apiece on the BSE, representing a 1.31% increase.

About Spandana Sphoorty:

Spandana Sphoorty Financial Limited offers a range of loan products to customers who typically face difficulties in obtaining credit from traditional financial institutions. The company aims to encourage income-generating activities, thereby supporting sustainable livelihoods and enhancing the quality of life for its customers.

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