• Spandana Sphoorti shares hit upper circuit level of 5% in early deals on BSE
Shares of Spandana Sphoorti Financial Ltd surged 5% to ₹575 in upper circuit level on BSE in early trading session on Thursday after the NBFC informed that the company's board has approved transfer of stressed loan portfolio to an asset reconstruction company. given. (ARC), including loan write-off of ₹323 crore.
"..the Board of Directors of the Company vide its resolution dated Wednesday, December 28, 2022, has decided to transfer the stressed loan portfolio including written off loans of ` 323.08 crore outstanding as on September 30, 2022 to an Asset Reconstruction Company (ARC). ) as per Swiss challenge method for a consideration of ₹95 crore," the company announced in an exchange filing yesterday.
Last month, the microfinance lender had said it was looking to raise up to ₹300 crore by issuing bonds as its board of directors, at its meeting held on November 16, 2022, approved the issuance of market-linked rated non-convertible debentures (NCDs) Was. With an original issue size of ₹200 crore and a green shoe option of ₹100 crore.
Spandana Sphoorti Financial Limited is a micro finance firm headquartered in Hyderabad, India. It is a Public Limited Company registered with the Reserve Bank of India (RBI) as NBFC-MFI. Spandana, founded by Padmaja Reddy in 1998, was initially set up as a society, which later transitioned into an NBFC and then finally into an NBFC-MFI. The financial stock is up over 27% in 2022 while it has gained nearly 39% in the past six months.
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