Spandana Sphoorty Financial Plans Rs 750-Crore Capital Raise, Forms Committee 6 days ago
Spandana Sphoorty Financial plans to raise Rs 750 crore through various options, including a potential rights issue. The company has formed a capital raising committee to explore fundraising methods. Kedaara Capital, the principal shareholder, may participate through equity infusion. This move follows a reported net loss of Rs 1,035 crore in the previous financial year and a gross bad loan ratio of 5.63%.
Spandana Sphoorty Financial Shares Tumble 2% Following ICRA Downgrade Jun 12, 2025
Spandana Sphoorty Financial's Q4 Net Loss Widens to ₹410 Crore Jun 02, 2025
Spandana Sphoorty Financial Reports ₹434 Crore Q4 Loss Amid Auditor Concerns and Industry Challenges May 30, 2025
Spandana Sphoorty Financial to Amend Articles of Association for Enhanced Fundraising Flexibility May 13, 2025
Spandana Sphoorty Financial Limited has issued a clarification to stock exchanges, denying any unreported information and asserting robust internal audit mechanisms. The company stated there is no undisclosed information requiring disclosure under SEBI regulations. It emphasized strong internal audit processes and proper disclosure of any adverse findings in published financial results. The company was unable to explain recent stock price movements, suggesting they are not based on material information known to the company.
25Apr 25
Spandana Sphoorty Financial Under RBI Scrutiny, CEO Resigns Abruptly
Spandana Sphoorty Financial faces regulatory scrutiny after an RBI inspection revealed operational issues including unreported frauds and cash balance mismatches. CEO Shalabh Saxena has resigned, with CFO Ashish Kumar Damani appointed as interim CEO. The company now faces challenges in regulatory compliance, maintaining investor confidence, and stabilizing leadership.
23Apr 25
Spandana Sphoorty Financial Announces CEO Transition, Appoints Interim Chief
Shalabh Saxena, Managing Director and CEO of Spandana Sphoorty Financial Limited, has resigned effective April 23, 2025. The Board has appointed Ashish Kumar Damani, current President and CFO, as Interim CEO. Damani, with over 23 years of microfinance experience, will lead the company through this transition. Spandana emphasizes commitment to seamless leadership change in compliance with SEBI regulations.