Stock Market update: Spandana Sphoorty Financial Ltd shares up by 3% as board approves fundraising of Rs 300 cr

At around 9:24 AM, Spandana Sphoorty Financial was trading at Rs 408.15 per piece up by Rs13.2 or 3.34% on the BSE.

Spandana Sphoorty Financial ltd shares ebbed and flowed on the national stock exchange Sensex graph today. In the dramatic up and down the shares were up to 2% one time and subsequently fell to 0.33 per cent with INR 393.95 apiece. The shares again increased by 0.025 per cent then after. At around 9:24 AM, Spandana Sphoorty Financial was trading at Rs408.15 per piece up by Rs13.2 or 3.34% on the BSE.

Yesterday, Spandana Sphoorty Financial Limited stated on January 10 that its board approved the proposition of raising funds of up to Rs 300 crore.

The Board of Directors of Spandana Sphoorty Financial Limited in their discussion held on January 10, 2022, examined and ratified the proposition of raising of funds by course of further issue of securities via private offerings and qualified institutions placement or other acceptable methods underneath the applicable laws and any combination thereof, in one or more tranches, for an aggregate amount not exceeding INR 300 Crores, subject to applicable laws, and necessary Members of the Company / Regulatory approvals, as applicable.

Spandana Sphoorty Financial Ltd. key Products/Revenue Segments include Interest, Income From Sale Of Share & Securities, Bad Debts Recovery and Commission for the year ending 31-Mar-2021.

Nitin Agrawal, the Interim CEO has obtained a transmission from one of the company’s promoters viz., Kanchenjunga Limited, indicating its in-principle interest to infuse up to Rs300cr as capital subject to contract on commercial terms (including instrument, timing, pricing and other terms) and receipt of necessary regulatory approvals.

Subscribe to our newsletter
Subscribe to our newsletter
Sign up here to get the latest news delivered directly to your inbox.
You can unsubscribe at any time