Spandana Sphoorty Financial raises Rs 400 crore through rights issue amid oversubscription

Kolkata: Microfinance company Spandana Sphoorty Financial on Tuesday said that its capital-raising committee approved the allotment of 17.3 million partly paid-up equity shares at ₹230 apiece to existing investors who applied for the rights issue of shares. Following the allotment of rights shares, the paid-up equity share capital of company has risen to ₹80 crore from ₹71.3 crore.

The company now has 71.3 million fully paid-up equity shares and 17.3 million partly paid-up equity shares. The rights issue has been oversubscribed, but the company allotted a little less than the target of 17.4 million. The rights issue opened on August 1 and closed on August 11. It was a partly paid rights issue, which means it would get half of ₹400 crore fundraise. It would raise the balance from shareholders in 24 months.