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Spandana Sphoorty Financial raises Rs 360 cr from anchor investors
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Spandana Sphoorty Financial raises Rs 360 cr from anchor investors

Microfinance lender Spandana Sphoorty Financial on August 2 said it has raised Rs 360.28 crore from 18 anchor investors by allotting 42,08,886 shares at a price of Rs 856, the upper band of its initial public offer that opens on August 5.

Among the 18 anchor investors, Wells Fargo Emerging Markets Equity Fund, Goldman Sachs India Ltd, ICICI Prudential Life Insurance Company and Bajaj Allianz Life Insurance Company have been allotted about 4.40 lakh shares each.

The anchor investors also include BNP Paribas Arbitrage, Citigroup Global Markets, among others.

On July 31, the microfinance lender said it would launch its initial public offer on August 5 in a price band of Rs 853-856 per share to raise about Rs 1,200 crore.

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The offer consists of a fresh issue of up to Rs 400 crore and an offer for sale of up to 93,56,725 equity shares, the company said in a statement.

The offer will close on August 7, 2019.

The net proceeds from the fresh issue are proposed to be utilised towards augmenting the company’s capital base to meet future requirements and general corporate purposes, it added.

Axis Capital, ICICI Securities, IIFL Securities, JM Financial, IndusInd Bank and Yes Securities will manage the offer.

The equity shares of the the firm are proposed to be listed on the BSE and NSE.

The company offers income generation loans under the joint liability group model, predominantly to women from low-income households in rural areas.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.

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