Spandana Sphoorty to launch Rs 400 crore rights issue at steep discount
ADVERTISEMENT The stock closed Friday at 305.95 apiece.
The microfinance company will launch the Rs 400-crore rights issue on August 1. Shareholders will get 10 rights equity shares for every 41 shares held. The face value of the shares is Rs 10.
Its equity share will expand by 89 million to 71 million, if the rights issue is subscribed fully.The issue will remain open until August 11. The board will have the right to extend the issue closing date up to 30 days, the company said in a regulatory filing.This is part of the microfinance company's plan to raise up to Rs 750 crore in equity in FY26.
ADVERTISEMENT Spandana is facing severe stress in asset quality, as do other microfinance lenders. It suffered a Rs 1,035-crore annual net loss in FY25 while its gross bad loan ratio jumped to 5.63% of the total portfolio.Interim chief executive Ashish Damani had earlier said that principal promoter Kedaara Capital is expected to participate in the rights issue.
ADVERTISEMENT Kedaara holds 48% in the company.
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