Micro lender Spandana Sphoorty Financial is to raise Rs 125 crore on a private placement basis.
The board of directors of the Hyderabad-based company has “approved the issuance of senior, secured, rated, listed, redeemable, non-convertible debentures (NCDs) up to Rs 125 crore on a private placement basis,” the company informed the Bombay Stock Exchange on Friday.
The instrument, which will have a tenure of 24 months, is proposed to be listed on the National Stock Exchange. The date of allotment will be March 17, 2023, and it will mature on March 17, 2025. The rate of interest has been pegged at 10.50 per cent per annum, the company said.
In the third quarter ended December 31, 2022, Spandana posted a revenue of Rs 340 crore, with a net profit of Rs 69 crore.
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