The board will meet again on Friday to fix the price of the issue and other related matters such as related payment mechanism, rights entitlement ratio, the record date and timing of the issue, Spandana said after Tuesday’s board meeting in regulatory filings to the stock exchanges.
The rights issue is a part of the microfinance company’s plan to raise up to Rs 750 crore in equity in FY26.
A board committee was earlier formed to oversee the capital raising exercise. Interim chief executive Ashish Damani had earlier said that the promoter Kedaara Capital is expected to participate in the rights issue.
Spandana Sphoorty suffered a Rs 1035 crore annual net loss in FY25 while its gross bad loan ratio jumped to 5.63% of the total portfolio. It faced another jolt when chief executive Shalabh Saxena abruptly stepped down in April amid suspicion of unreported frauds at the branch level and cash balance mismatches.
The company however denied all the allegations.
