Download Unicorn Signals App

Powered By EquityPandit
 Signals, Powered By  EquityPandit
BUSINESS

Spandana Sphoorty to Mull NCD Issue on 28 September

Picture Source: Internet

On September 28 (Wednesday), the NBFC meeting of the management committee of the board of directors is scheduled to consider and approve the issue and offer non-convertible debentures (NCDs) on a private placement basis.

The BOD has approved and allotted 402 secured, transferable, senior, redeemable, principal protected, market-linked, non-convertible debentures of the face value of Rs 10 lakhs at more than the issue price (premium) of Rs 3,924 each on PPB in electronic form, in consideration of an aggregate amount of Rs 40,35,77,448 issued through placement memorandum dated on September 23 2022. 

The issue size is Rs 50 crore which also includes a greenshoe option of Rs 25 crore. The tenurity Non-Convertible Debentures were issued for 18 months and nine days. Also, the date of maturity for NCDs from April 1 2024, said NBFC.

In 2003 Spandana was incorporated as an NBFC after it took over a non-governmental organization that Padmaja Reddy started in 1998. Across 18 states and union territories spanning 300 districts with Asset Under Management of Rs 5,510 crore at the end of June 30 2022.

Spandana reported a net loss of Rs 219.77 crore in the first quarter of FY23 compared with a net profit of Rs 53.95 crore in the first quarter of FY22. During this period, total income declined by 40.5 per cent yearly to Rs 258.86 crore. On the Bombay Stock Exchange (BSE), shares of Spandana Sphoorty Financial declined 1.33 per cent to Rs 557.10.

Get Daily Prediction & Stocks Tips On Your Mobile