Spandana Sphoorty Financial, the microfinance company, announced Friday that its board has approved raising ₹100 crore through the issue of Non-Convertible Debentures (NCDs) with a green shoe option of ₹50 crore, on a private placement basis.
“…the Management Committee of the Board of Directors of the Company at its meeting held on Friday, June 02, 2023 has considered and approved the issuance of Listed, Secured, Senior, Redeemable, Transferable, Rated Non-Convertible Debentures up to ₹100,00,00,000 including green shoe option of ₹50,00,00,000 on a private placement basis,” Spandana Sphoorty Financial said in a regulatory filing.
The date of allotment of the instrument is June 12 and the tenure is 24 months from the deemed date of allotment. The interest rate is 10% per annum.
Spandana Sphoorty Financial, the non-banking financial company and a microfinance lender (NBFC-MFI), reported strong earnings for the quarter ended March 2023.
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The company’s consolidated net profit in Q4FY23 jumped to ₹105.55 crore, while its total income grew to ₹533 crore and the core net interest income rose to ₹384 crore.
Its managing director and chief executive Shalabh Saxena said the company aims to disburse ₹11,500 crore in loans in FY24 and will be opening 400 new branches as well.
Spandana Sphoorty Financial share price has rise over 19% so far in 2023 and has given more than 85% returns in the last one year period.
At 11:35 am, the shares of Spandana Sphoorty Financial were trading 1.48% higher at ₹699.90 apeice on the BSE.
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Updated: 02 Jun 2023, 11:41 AM IST