Latest news with #Spandana
Time of India
17 hours ago
- Business
- Time of India
Spandana Sphoorty to raise Rs 400 crore via rights issue for FY26 plans
Live Events (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 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 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 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 company however denied all the allegations.
News18
07-07-2025
- News18
'Planning Also Criminal': Karnataka Set To Tighten Law Against Child Marriage Amid Rise In Incidents
Last Updated: Under the proposed changes, even engagements will come under scrutiny and those involved could face prosecution while the magistrate will have more power to take proactive steps A young girl from Karnataka's Shivamogga, who had scored an impressive 82 per cent in Class 12, stood her ground and called the child helpline in May when her family started pressing her get married on 'Akshaya Tritiya', a day widely considered auspicious for weddings and engagements. In another case from Belagavi in the state, a 15-year-old girl was discovered to have been married not once but twice before reaching the legal age. She was first married off at the age of 12 and, after the relationship fell apart, she was wedded again at 15. Both times, she suffered the loss of two children at birth. It was only after a local NGO, Spandana, intervened that she was rescued. An investigation later revealed that her Aadhaar card had been tampered with – allegedly altered to increase her age by five years to make the marriages appear legal. In the last three years, Karnataka has recorded an alarming figure of 1,465 cases of child marriage. This worrying trend, coupled with increasing cases of forged Aadhaar documents to falsify minors' age, has prompted the state to push for tougher changes to the Prohibition of Child Marriage Act, 2006. 'This is exactly what we want to stop. These illegal activities are being secretly carried out, which is why we are tightening the law – to make every step more difficult and ensure people are afraid of the consequences," said a law department official. WHAT IS THE PROPOSED AMENDMENT? Under the proposed changes, not just the act of conducting a child marriage but even initiating plans or preparations, such as engagements, will now be treated as criminal offences. The punishment includes a prison term of up to two years or a fine of up to Rs 1 lakh, or both. Section 9A of the draft has outlined punishment for any person involved in the attempt or preparation of a child marriage or engagement, thereby expanding the net of accountability. 'Whoever makes an attempt and preparation to make child marriage, or attempt and preparation to make engagement of a child shall be punishable with rigorous imprisonment which may extend to two years or with fine which may extend to one lakh rupees or both," the draft amendment states. Authorities feel that by intervening at the planning stage – before the marriage takes place – they will be able to block many cases. Mass weddings, especially during the festival season, have become hotspots for underage marriages. While many are caught, some still manage to slip through. The draft amendment also includes a new clause stating 'where a child being a minor is engaged for the purpose of marriage, such engagement shall be considered null and void". This means that even engagements – not just marriages – will come under legal scrutiny, and those involved could face prosecution. Further, the Bill will empower magistrates to take proactive steps. 'If a JMFC or metropolitan judge is satisfied that a child engagement in contravention of this Act has been arranged or is about to be performed, such magistrate shall issue an injunction against any person – including a member of an organisation or an association of persons – prohibiting such engagement," it states. Under the existing legal framework, punishment is mostly limited to those who carry out or assist in conducting a child marriage – usually the parents – and the marriage is declared null and void. The proposed amendment significantly widens the scope of punishment. It aims to hold accountable not just those directly involved, but also anyone who facilitates or helps organise the marriage, including extended relatives, religious or community leaders, and others in the chain of preparation. WHY THE SPIKE IN CHILD MARRIAGES While the Karnataka government has made efforts – appointing child marriage prohibition officers (CMPO) and rolling out awareness campaigns – the ground reality, especially in more traditional and rural belts, remains grim. Officials said long-held social customs and a lack of awareness remain among the biggest roadblocks. The Bill is expected to be presented during the upcoming monsoon session of the state legislature. tags : bengaluru Child marriages Location : Bengaluru, India, India First Published: July 08, 2025, 00:43 IST News india 'Planning Also Criminal': Karnataka Set To Tighten Law Against Child Marriage Amid Rise In Incidents
Time of India
05-07-2025
- Time of India
Agent booked for duping Andhra Pradesh woman over job in Muscat
HYDERABAD: A labourer from East Godavari lodged a complaint with RGI Airport police alleging that she was duped by an overseas employment agent from Samarlakota in Andhra Pradesh. Based on her complaint, a case was registered under the Emigration Act on Thursday night. The woman, Egala Spandana (28), a resident of New SC Colony in Vendapudi, said she was cheated by P Prasad, a travel agent from Samarlakota. Prasad allegedly charged her 1 lakh for visa and medical examinations, assuring her of domestic help jobs in Muscat with a salary of 30,000 per month. On July 2, Spandana along with two other women travelled from Samarlakota to Hyderabad via Rajahmundry. They were informed that their visas would be handed over at the boarding gate. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad However, in the early hours of Thursday, immigration officers discovered that Spandana and another woman only had visit permits not work visas, and denied clearance. Police have booked the accused under Section 318 (4) of the BNS and Section 24 of the Emigration Act.
Time of India
18-06-2025
- Business
- Time of India
Spandana Sphoorty Financial plans Rs 750-crore capital raise with Kedaara Capital's equity infusion
Kolkata: Microfinance lender Spandana Sphoorty Financial is exploring possibilities of equity infusion from principal shareholder Kedaara Capital through a rights issue of shares within the proposed Rs 750-crore capital raise . Equity infusion from the promoter may boost the sagging confidence of other investors in the ailing microfinance company. Fusion Finance , for instance, saw more than a 50% jump in market capitalisation after its principal shareholder, Warburg Pincus, led a Rs 800-crore infusion via a rights issue. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top Internet Deals for Your Home – 2025 Edition Search7 Learn More Undo Spandana suffered a Rs 1035 crore annual net loss in FY25 while its gross bad loan ratio jumped to 5.63% of the total portfolio, reflecting the overall stress in the microfinance sector . The company has formed a capital raising committee which is exploring the rights issue option, a person familiar with the matter said. The company didn't respond to ET's queries until the publication of this report. Live Events However, interim chief executive Ashish Damani told analysts in a post-earning call last month that the rights issue would be done with the promoter participation. "What we presently understand is, you know, they have confirmed their participation," he said. Kedaara Capital holds 48.13% in Spandana through funds named Kedaara Capital Fund III LLP and Kangchenjunga Ltd. However, questions have been raised by a few analysts on its participation since it has a scheduled exit by September 2026. It has already received a one-year extension. "Our equity raise plans are pretty much on track. We have received shareholder approval for capital raise during March for up to Rs 750 crore. The board committee has been formed to oversee this capital raise, including a possible rights issue in Q2 FY '26," Damani said during the call. Spandana's share price plunged 65% in the past one year to Rs 267 from Rs 795, as investors lost interest in it. Fusion Finance, another NBFC-MFI under immense stress, saw its share price falling to a one-year low of Rs 124 but it recovered to Rs 195.95 at the end of Wednesday after equity infusion through the rights issue, people tracking the sector said. Its one-year high was Rs 483. The entire microfinance ecosystem has been reeling under stress over the past one year due to high customer overleveraging, collapsing of the joint liability model and rising staff attrition. The sector was sitting on a heap of Rs 61000 crore of gross non-performing assets (including the written-off loans) at the end of March.
Business Upturn
06-06-2025
- Business
- Business Upturn
Jefferies flags weak MFI disbursements; says asset quality recovery could take 1–2 quarters
By Markets Desk Published on June 6, 2025, 08:22 IST Jefferies has flagged concerns over recent trends in the microfinance (MFI) sector, noting that fourth quarter FY25 disbursements fell 38 percent year-on-year, though they rose 12 percent quarter-on-quarter. This resulted in a 3 percent quarter-on-quarter and 14 percent year-on-year fall in assets under management. Overdue loans (31–180 days) showed marginal improvement, declining from 6.4 percent in December to 6.2 percent in March. However, Jefferies believes asset quality normalisation could take one to two more quarters. The sector is also navigating new MFIN 2.0 norms, with some risks from state elections. Jefferies noted that Spandana, Fusion, and CreditAccess Grameen have a higher share of customers with four or more loans, while Bandhan Bank could fare better in this environment. Disclaimer: The views and target prices mentioned in this article are as stated by Jefferies. They do not represent the opinions or recommendations of this publication. Readers are advised to consult their financial advisors before making any investment decisions. Markets Desk at
