Spandana Sphoorty Financial Ltd (SSFL) has raised Rs 337.5 through the issuance of market-linked bonds (MLDs). Bonds pegged to the market are issued 30-month maturities with a yield of 11%. “The issue of MLD in SSFL, which is a microfinance institution (NBFCMFI) of non-bank financial institutions, has received strong interest and engagement from investors of HNI (the wealthy), family offices, and corporate treasury,” the statement said Wednesday. SSFL’s founder and managing director, PadmajaReddy, said the revenue helped the company expand its business at an accelerated pace. The statement added that if the price of a benchmarking government security (GSec) was 75% of its current price at maturity, investors would receive 11%. If it drops to 5075%, the investor will get a return of 10.5%. However, he said that if the price of GSec falls below 25% of its current value, investors will only get their principal back. The SSFL MLD is assigned an IND PPMLD A/Stable rating according to India’s rating, meaning lower credit risk, the statement added. The issuance was driven by online debt platform CredAvenue. Headquartered in Hyderabad, SSFL is headquartered in the 18th state. There are more than 1,000 points with a customer base of about 25 lakh.
My name is Mayank Bansal I have a keen interest in writing about the latest happenings in business and market. I am a news writer at review minute.
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