Spandana Sphoorty Financial to raise up to Rs 100 cr on private placement

Topics NBFCs | Bonds

The company offers joint liability group (JLG) loans, loans against property and personal loans, among others.
Non-banking finance company Spandana Sphoorty Financial Ltd on Saturday said it will raise up to Rs 100 crore by issuing bonds on a private placement basis.

The decision was taken at a meeting of the management committee of the board on Saturday, it said in a regulatory filing.

The committee approved the issuance of 1,000 rated, listed, secured, redeemable non-convertible debentures (NCDs) aggregating up to an amount of Rs 100 crore on a private placement basis, it said.

The company offers joint liability group (JLG) loans, loans against property and personal loans, among others.

With presence in 18 states, it had gross loan portfolio of Rs 6,829 crore as on March 31, 2020, catering to 2.57 million borrowers.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel