India: Spandana Raises Rupees 80 crore on NCDs
Hyderabad, india, June, 09 2009 -
Spandana Sphoorty Financial Ltd, a Hyderabad-based Micro Finance institution, has raised Rupees 80 crore (USD 16.74 ml) by issuing one year non-convertible debentures (NCD) redeemable at a premium of ten per cent.
This is the highest amount raised by any microfinance institution through the NCD route,a press release here today claimed. The company also has a green shoe option of Rs 220 crore.
The NCDs were subscribed by Standard Chartered Bank India and would be listed on the Bombay Stock Exchange (BSE).
The green shoe option of Rs 220 crore will be explored at a later date.
In a statement, Spandana Sphoorty Managing Director Padmaja Reddy said, ''We have one more funding route open now. This is a great beginning to diversify our funding sources and this would enhance our ability to reach out to low income households in seven new States we are planning to expand to in this year.''