Spandana Sphoorty Plans ₹500 Cr NCD Raise at 11.25% Yield

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AuthorIshaan Verma|Published at:
Spandana Sphoorty Plans ₹500 Cr NCD Raise at 11.25% Yield
Overview

Spandana Sphoorty Financial Ltd. will raise ₹500 crore by issuing listed, secured non-convertible debentures (NCDs), including a ₹200 crore green shoe option. The NCDs offer a 11.25% annual coupon rate, paid monthly. This follows a modest 1.95% dip in the company's shares on April 20. The 729-day debentures will have principal repaid semi-annually.

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Capital Raise Details

Spandana Sphoorty Financial Ltd. has approved raising up to ₹500 crore through listed, secured non-convertible debentures (NCDs). The issuance, offered via private placement, carries an annual coupon rate of 11.25%, with interest paid monthly. This capital raise, which includes a ₹200 crore green shoe option, will support the company's operations and growth.

Debenture Terms and Maturity

Each debenture has a face value of ₹10,000 and will be listed on BSE Ltd. The issue has a base size of ₹300 crore, which can be increased to ₹500 crore. Principal repayments are scheduled semi-annually, starting October 26, 2026. The debentures mature on April 26, 2028, giving them a tenure of 729 days.

Stock Performance and Context

Spandana Sphoorty's stock closed down 1.95% at ₹221.50 on April 20, preceding this capital raise. NBFCs commonly use debt instruments like these NCDs to manage liquidity and fund lending operations. This new issuance is separate from a previously approved ₹415-crore NCD plan. Company management confirmed no past defaults or delays in debt servicing.

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