Market News
2 min read | Updated on August 23, 2024, 14:59 IST
SUMMARY
Spandana Sphoorty's Board of Directors will meet on Tuesday, August 27 to consider fund-raising through non-convertible debentures (NCDs).
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Established in 1998, Spandana Sphoorty is one of India’s leading microfinance institutions.
In a stock exchange notification issued after market hours on Thursday, Spandana Sphoorty Financial said that a board meeting would be held on Tuesday, August 27 to consider fund-raising through non-convertible debentures (NCDs).
“A meeting of the management committee of the board of directors of the company is scheduled to be held on August 27, 2024, to consider the issue and offer of non-convertible debentures on private placement basis,” the notification said.
Reacting to the development, the Spandana Sphoorty Financial stock gained as much as 1.6% on Friday to hit an intra-day high of ₹629.90 on the National Stock Exchange of India (NSE). However, the stock could not sustain the gains and later traded almost unchanged at ₹620.35 at 11 AM.
Spandana Sphoorty shares have witnessed sharp correction in recent times. The stock price has dropped more than 11% in the past one month and over 45% year-to-date in 2024.
Last week, Spandana Sphoorty informed exchanges that the company had raised ₹50 crore by issuing NCDs.
“We hereby inform that the Management Committee of the Board of Directors of the Company vide its resolution dated August 14, 2024, Wednesday, approved and allotted 5,000 (Five thousand) Listed, Rated, Senior, Secured, Transferable, Redeemable, Non-Convertible Debentures having face value of ₹1,00,000/- (Rupees one lakh only) each, total aggregating to ₹50,00,00,000/- (Rupees fifty crore only) on private placement basis issued through Disclosure Document dated August 09, 2024,” the notification read.
Spandana Sphoorty reported a muted performance in Q1FY25 financial statement released in July. The company's consolidated profits slipped 56% year on year to ₹56 crore down from ₹119 crore reported a year ago.
Its revenue from operations, however, grew 40% YoY to ₹685 crore from ₹490 crore in Q1FY24.
Established in 1998, Spandana Sphoorty is one of India’s leading microfinance institutions. The MFI has an all-woman customer base across 20 states and union territories.
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