INSUBCONTINENT EXCLUSIVE:
Spandana Sphoorty Financial has fixed the price of its proposed rights issue at Rs 230 per share, nearly 25% lower than the market price.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.
Live EventsThis is
part of the microfinance company's plan to raise up to Rs 750 crore in equity in FY26.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.Kedaara
holds 48% in the company.
