Spandana Sphoorty to raise Rs 400 crore via rights issue for FY26 plans
(You can now subscribe to our
(You can now subscribe to our ETMarkets WhatsApp channel
Microfinance company Spandana Sphoorty Financial is planning to raise up to Rs 400 crore from existing shareholders through rights issue of shares. The company board approved the plan Tuesday.The board will meet again on Friday to fix the price of the issue and other related matters such as related payment mechanism, rights entitlement ratio, the record date and timing of the issue, Spandana said after Tuesday's board meeting in regulatory filings to the stock exchanges.The rights issue is a part of the microfinance company's plan to raise up to Rs 750 crore in equity in FY26.A board committee was earlier formed to oversee the capital raising exercise. Interim chief executive Ashish Damani had earlier said that the promoter Kedaara Capital is expected to participate in the rights issue.Spandana Sphoorty suffered a Rs 1035 crore annual net loss in FY25 while its gross bad loan ratio jumped to 5.63% of the total portfolio. It faced another jolt when chief executive Shalabh Saxena abruptly stepped down in April amid suspicion of unreported frauds at the branch level and cash balance mismatches.The company however denied all the allegations.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
27 minutes ago
- Time of India
Domestic buyers power real estate boom in Kochi
Kochi: The city's real estate sector is undergoing a significant shift, with a growing number of domestic buyers opting for premium and mid-segment flats for residential purposes. Earlier, the market was largely NRI-driven, with apartments often purchased as investments and left vacant or rented. Now, builders report a growing trend of more local buyers—especially from Ernakulam and nearby districts—moving permanently to the city for work or business. According to RERA-registered builders, the buyer ratio has shifted from 30:70 (local:NRI) to 60:40 in favour of domestic buyers. "Earlier, 80% of our buyers were NRIs. Now it's below 40%, with 60% being locals planning to settle in Kochi," said Ravi Jacob, Chairman of Trine Holdings. Real estate developers attribute this to a shift in residential culture. "Most flat buyers today are end-users, with very few purchasing them an investment option. In nearly all our projects, the occupancy rate has reached 90%, which reflects this trend," said V Sunilkumar, MD of Asset Homes. Even domestic buyers are increasingly choosing premium projects—especially 3 BHK units priced over Rs 1 crore—equipped with high-end amenities. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo Many finance these purchases by selling off ancestral or rural properties, leveraging improved purchasing power and capital gains benefits. "Young couples are increasingly prioritizing access to premium facilities, with easy access to quality educational institutions and advanced healthcare available in urban areas," said former K-RERA member M P Mathews. He added that the state's policy of encouraging private universities and colleges is also a contributing factor, leading to land acquisitions in rural areas, with former landowners reinvesting in urban housing, reinforcing the trend of end-use purchases. The boom in commercial activity and job creation in tier-2 cities like Kochi is another key driver. Recognizing these shifts, builders are focusing on mid-segment 2 and 3 BHK flats, strategically located near Metro stations, schools, hospitals, and arterial roads. "Metros like Bengaluru are becoming saturated, prompting business and IT sectors to shift to cities like Kochi boosting its economic profile and enhancing the purchasing power of local buyers," said Edward George, president of CREDAI's Cochin chapter.
Time of India
27 minutes ago
- Time of India
Coconut prices soar in AP as demand-supply gap widens
Visakhapatnam: Humid weather conditions, coupled with a gap between demand and supply, have led to a surge in the price of tender coconuts in parts of Andhra Pradesh, particularly in the north coastal region (NCAP). Residents are now paying around Rs 50– Rs 60 per tender coconut due to high demand. Tender coconuts for Vizag city are primarily sourced from the Srikakulam and Vizianagaram districts, along with parts of Kakinada and East Godavari. More than 1.5 lakh coconut farmers, labourers, and traders depend on coconut farming in the Uddanam region of Srikakulam district. This region supplies tender coconuts to various parts of NCAP, as well as to Odisha and West Bengal. However, diseases have been affecting the yield in recent seasons. "Due to erratic rainfall and high humidity, the demand for tender coconuts has increased in recent weeks. But we're not receiving enough supply from either wholesale dealers or farmers," said K. Naidu, a trader near Siripuram in Vizag city. "On average, my stall needs at least 400 tender coconuts a day. But for the past few weeks, I've only been able to source 200 to 250 a day, as wholesale dealers are struggling with limited supply," he added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Urban Ascent by Emaar 4 BHK Apartments Starting at ₹ 5.25 Cr* on Dwarka E-Way , Near Gurugram Emaar India Get Quote Undo The price in the wholesale market now ranges from Rs 40 per piece. Higher-quality coconuts are commanding even more. "With limited supply and high demand, we are selling one-liter tender coconut water for Rs 150. Residents are feeling the pinch," said K. Laxmi, another trader. Farmers reported that the yield has decreased by 30–40% in parts of Andhra Pradesh, Tamil Nadu, and Karnataka due to persistent pest attacks over the past few years. Prices of not just tender coconuts, but also regular coconuts and coconut oil, have surged by 100% to 200% over the last year, they added. Officials say coconut availability is slowly returning to normal and expect coconut oil prices to stabilize within the next three months. "Usually, the price of tender coconuts peaks in summer. But even in July, the best coconuts are selling for Rs 60 apiece due to supply shortages," said G. Prabhakar, a resident of Vizag city. "I need to drink coconut water for medical reasons, but it's becoming too expensive these days. "
Time of India
27 minutes ago
- Time of India
Work set to begin on 1.7-km underground leg of Yellow Line
1 2 Kolkata: The second phase of the underground Yellow Line beyond the airport to Birati is set to begin with the engineering firm—which built the underground packages for the East-West Metro—securing a Rs 1,330-crore contract. ITD Cementation's job includes construction of twin tunnels, each 1.7 km long, the underground Birati station and subways for Birati and Michael Nagar stations on this stretch of the 11.2-km Noapara-Barasat Metro corridor. The Yellow Line's first phase— the 7-km section from Noapara to Jai Hind (airport) stations—is complete and ready for safety inspections by the Commission of Railway Safety (CRS), which grants the approval for revenue operations. For the second phase, ITD Cementation recently emerged as the lowest bidder for the civil construction contract. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata Metro Railway had floated the tender for in Aug 2024, with a timeframe of 910 days or around two-and-a-half years. The bid was invited weeks after the Airports Authority of India (AAI) allowed the use of 18-m-tall cranes for the work on the airport-New Barrackpore stretch. AAI also granted Metro Railway the much-awaited NOC to start work between the airport and Michael Nagar. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Đây có thể là thời điểm tốt nhất để giao dịch vàng trong 5 năm qua IC Markets Tìm hiểu thêm Undo Being on the flight path of planes near the northern end of the main runway, the corridor has been riddled with several obstacles. . "The contractor (ITD Cementation) will be responsible for the construction of 3.5-km Metro tunnels (1.7 km each), the underground Birati station and subway work for Birati and Michael Nagar stations," a Metro official said. The tunnel next to the airport's wall will be built, using the RCC box pushing method (without the deployment of tunnel boring machines), as specified by the AAI, while the Birati station will be constructed using the cut-and-cover method. The cut-and-cover method is a shallow, tunnelling technique, in which a trench is excavated, the tunnel structure is built, and the trench is then covered and restored to the original surface. The method is used when the tunnel's depth is relatively shallow and the surface disruption is acceptable. "The contractor will also be responsible for the architectural finishing, firefighting, water supply, sanitary installation, power supply system and aluminium third rail among other facilities," a Metro official said. "We hope the rest of the Yellow Line issues will be resolved and funds will flow accordingly."
