Spandana Sphoorty Financial shares surged almost four percent in the morning session on September 24 after the firm sold its stressed loan portfolio for Rs 16.74 crore.
The firm's board approved the sale of stressed loan portfolio, including written-off loans pool, with an outstanding value of Rs 304.41 crore as on June 30, 2024 to an asset reconstruction company (ARC) on a security receipts consideration basis.
"The ARC has subscribed to 91.50 percent of security receipts amounting to Rs 15.32 crore, whereas [Spandana Sphoorty Financial] has subscribed to 8.50 percent of security receipts amounting to Rs 1.42 crore," said the firm in a filing with the exchanges.
At 9.50 am, Spandana Sphoorty Financial shares were quoting Rs 606 on the NSE, up by 2.3 percent.
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So far in trade, 2 lakh shares exchanged hands in trade on the bourses, which is slightly higher compared to the one-month daily traded average of 1.7 lakh shares.
Since the March 2023 quarter, the promoters have gradually been paring their holding from 63 percent to 56.9 percent as of the quarter ended June 2024. On the other hand, FIIs and retail investors have been picking up stock in the NBFC.
Over the past year, shares of Spandana Sphoorty Financial have slipped 20 percent in trade. In comparison, the benchmark Nifty 50 index has surged around 31 percent during the same time.
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