Kolkata: Microfinance lender Spandana Sphoorty Financial said it would like to complete its proposed Rs 300-crore fundraising by March and that its promoter Kedaara Capital and and a significant long-term shareholder Valiant would subscribe to the shares in the preferential allotment at Rs 459 per share, which is at a 20.5 percent premium to its Wednesday’s closing price.
The lender is in the process of seeking shareholders’ approval for the same through e-voting, which commenced on February 15 and will continue till March 16. The results of the remote e-voting will be declared on March 17.
It is looking to issue equity shares on a preferential basis to Valiant Mauritius Partners Ltd, Valiant India Opportunities Ltd and Valiant Mauritius Partners Offshore Ltd. It would also issue equity shares and fully convertible warrants on a preferential basis to Kedaara Capital Fund III LLP.
The lender reported a consolidated net profit of Rs 45 crore for the December quarter, as compared with Rs 28 crore loss in the year ago period. It had also posted a loss of Rs 58 crore in the September 2021 quarter.
Its assets under management shrunk as much as 18 per cent to Rs 6695 crore at the end of December from Rs 8157 crore nine months prior to that.
The company had been in a turmoil ever since its founder-cum managing director Padmaja Reddy resigned in November last year following a tiff with the largest investor Kedaara Capital.
Kedaara holds 45.5 percent in Spandana through a special purpose vehicle called Kangchenjunga Ltd.
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