Spandana Sphoorty raises Rs 250 crore, lower than goal
This was 17% lower than the bottom challenge measurement of Rs 300 crore.
The lender had on October 13 mentioned its board had given an approval to lift as much as Rs 400 crore, together with Rs 100 crore of greenshoe choice.
The coupon was mounted at 11%, payable month-to-month. The non-convertible debentures carry a maturity of 30 months and 6 days.
The corporate is going through continued stress on its asset high quality and the resultant strain on its consolidated profitability, largely on account of elevated credit score prices and working bills, India Scores mentioned on October 14, after score its bonds BBB+ with detrimental outlook.
The score signifies that Spandana has the capability to fulfill its monetary commitments however is extra inclined to antagonistic conditions.
