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Business News/ Markets / Stock Markets/  Spandana Sphoorty approves issuance of NCDs worth 100 crore

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.

Also Read: Midcap index hits all-time high, smallcap index at fresh 52-week high in early trade

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
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