Microfinance company Spandana Sphoorty Financial raised Rs 250 crore by selling bonds to institutional investors, the company said Friday.
This was 17% less than the base issue size of Rs 300 crore.
The lender had on October 13 said its board had given an approval to raise up to Rs 400 crore, including Rs 100 crore of greenshoe option.
The coupon was fixed at 11%, payable monthly. The non-convertible debentures carry a maturity of 30 months and 6 days.
The company is facing continued stress on its asset quality and the consequent pressure on its consolidated profitability, largely on account of elevated credit costs and operating expenses, India Ratings said on October 14, after rating its bonds BBB+ with negative outlook.
The rating means that Spandana has the capacity to meet its financial commitments but is more susceptible to adverse situations.