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Last Updated : Aug 01, 2019 05:01 PM IST | Source: Moneycontrol.com

Spandana Sphoorty's Rs 1200-cr IPO to open on Aug 5; price band set at Rs 853-856

Kangchenjunga Limited is currently the largest shareholder in the company with 59.14 percent stake, followed by Padmaja Gangireddy who has 19.57 percent shareholding.

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Micro lender Spandana Sphoorty Financial Ltd is set to debut on Indian bourses with a Rs 1,200-crore initial public offer that will open for subscription on August 5.

At the price band of Rs 853-856, promoters and shareholders of the Andhra Pradesh-based firm will sell Rs 800 crore worth of shares. The IPO will also comprise of Rs 400 crore in fresh capital.

"....comprising of an offer for sale of upto 59,67,097 shares by Kangchenjunga Limited, 14,23,114 shares by Padmaja Gangireddy, 7,96,509 shares by Vijaya Siva Rami Reddy Vendidandi (VSRRV), 7,83,747 shares by Valiant Mauritius Partners FDI Limited, 1,32,831 shares by Helion Venture Partners II, LLC, 1,29,732 shares by Kedaara Capital Alternative Investment Fund – Kedaara Capital AIF 1 and 1,23,695 shares by Helion Venture Partners, LLC," the company said in its red herring prospectus.

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The proceeds from the IPO will be used to expand the company’s business and augment its capital base.

The offer will close after two days on August 7. Offer period for anchor investors is set for August 2, one working day prior to the opening date of the initial public offer.

Kangchenjunga Limited is currently the largest shareholder in the company with 59.14 percent stake, followed by Padmaja Gangireddy who has 19.57 percent shareholding.

Among other shareholders Valiant Mauritius Partners FDI Limited, JM Financial India Trust II, Vijaya Siva Rami Reddy Vendidandi and Helion Venture Partners II LLC hold 7.77 percent, 5.56 percent, 2.5 percent and 1.3 percent stake, respectively.

Spandana had consolidated gross assets under management at Rs 4,437.3 crore as of March 2019, increased by 40 percent compared to Rs 3,166.8 crore crore in previous year. Profit in FY19 jumped 66 percent to Rs 311.9 crore.

Axis Capital, ICICI Securities, IIFL Securities, JM Financial, IndusInd Bank and Yes Securities India are book running lead managers to the issue.

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First Published on Jul 31, 2019 03:17 pm
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