Spandana Sphoorty, a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) on Wednesday approved the transfer of its stressed loan portfolio including written-off loans of Rs.323.08 Crore outstanding as on September 30, 2022, to an Asset Reconstruction Company (ARC)
Spandana Sphoorty Financial Limited was incorporated as a public limited company with the name ‘Spandana Sphoorty Innovative Financial Services Limited (‘SSIFSL’) on March 10 2003 at Hyderabad Andhra Pradesh India.
“The board has approved the transfer of stressed loan portfolio including written off loans of Rs.323.08 Crore outstanding as on September 30, 2022 to an Asset Reconstruction Company pursuant to Swiss Challenge Method for a consideration of Rs.95 Crore,” the firm said in a release.
Spandana reported a net profit of Rs.55.15 crore and a net loss of Rs.57.95 crore. The firm is currently trading at Rs.548.95 on the Bombay Stock Exchange (BSE).
