Spandana Sphoorty Financial Ltd to issue NCDs of Rs. 75 crore, shares to Kedara Capital Fund III LLP

The Management Committee of the Board of Directors of Spandana Sphoorty Financial Limited at its meeting held on Saturday, May 21, 2022 has considered and approved the issuance of Secured, Unsubordinated, Rated, Transferable, Listed, Redeemable, Non-Convertible Debentures for a nominal value of up to Rs. 10,00,000/- (Rupees Ten Lakh only) per debenture aggregating upto Rs. 75,00,00,000/- (Rupees Seventy-Five Crore Only) in three series on private placement basis.

The board approved the allotment of 18,52,739 (Eighteen lakh fifty-two thousand seven hundred and thirty-nine) Equity Shares to Kedaara Capital Fund III LLP, being a promoter group entity ("Kedaara Fund III") pursuant to exercise of option attached to convertible warrants issued by way of preferential Issue on a private placement basis pursuant to special resolution passed by the Members of Company by way of postal ballot dated February 14, 2022 and upon receipt of balance amount of Rs.9,99,99,598.42 (Rupees nine crore ninety-nine lakh ninety-nine thousand five hundred and ninety-eight and fortytwo paisa only) from Kedaara Fund III. The Company had received the upfront money of Rs. 75,00,00,000/- (Seventy-five crores only) upon issuance of such 18,52,739 convertible warrants on March 17, 2022 to Kedaara Fund III.

Accordingly, the paid up Equity share capital of the Company has increased from Rs.69,09,45,300/- consisting of 6,90,94,530 Equity shares having the face value of Rs.10.00 each to Rs.70,94,72,690/- consisting of 7,09,47,269 Equity Shares having the face value of Rs.10.00 each.

Shares of Spandana Sphoorty Financial Limited was last trading in BSE at Rs. 415.30 as compared to the previous close of Rs. 404.65. The total number of shares traded during the day was 4753 in over 578 trades.

The stock hit an intraday high of Rs. 420.95 and intraday low of 411.00. The net turnover during the day was Rs. 1982093.00.

Source : Equity Bulls

Keywords

SpandanaSphoortyFinancial INE572J01011 FundRaising NCD PrivatePlacement PreferentialIssue KedaaraCapitalFundIIILLP