Kedaara Capital-backed microlender Spandana Sphoorty Financial Limited (Spandana) on Wednesday said it is planning to raise Rs 300 crore in the current quarter through preferential allotments.
Existing promoter shareholders, Kedaara Capital and Valiant have committed to current fundraising and will subscribe to shares in the preferential allotment at a price of Rs 459 per share, which is a 23% premium to Tuesday’s closing price, the company said in a statement.
Spandana further said it in terms of employee attrition, it is stabilised and has seen only 3% attrition in the current quarter, the lowest in company history.
In November last year, the platform onboarded former Bharat Financial Inclusion chief Shalabh Saxena as its new Managing Director (MD) and Chief Executive Officer (CEO).
Earlier in the same month, Spandana’s founder and managing director Padmaja G. Reddy were asked to resign from the microfinance firm, following differences with the majority shareholder Kedaara Capital – with 45.5% shareholding - over the company’s proposed sale to Axis Bank Ltd.
Spandana said it has also upgraded its IT systems in the last three months.
Shortly prior to Padmaja G. Reddy’s resignation, she transferred the company’s IT systems to a new vendor and outsourced its management to the same. Though the company said that there was no meaningful impact in the daily business operations of the company from this.
Reddy and her husband hold 16.79% in Spandana, while Kedaara Capital owns a stake through its special purpose vehicle Kangchenjunga Ltd.
In the third quarter, the company made a consolidated net profit of Rs 45.1 crore, compared to a loss of Rs 29.7 crore the previous year. In the second quarter, it had also posted a loss of Rs 58.7 crore.
On a consolidated basis, income from operations increased to Rs 346.1 crore in the reporting period, up from Rs 337.9 crore in Q3FY21.
The company's stock was trading at Rs 386.45 per share up 3.8% on BSE.
