Spandana Sphoorty Financial, which is a microfinance lender revealed that it had secured INR 366 crore from the 18 angel investors by allocating 4208886 shares for INR 856/ share, the upper band of its initial public offer that opens on the 5th of August.
Among the 18 investors, Goldman Sachs India Ltd, ICICI Prudential Life Insurance company, Bajaj Allianz Life Insurance Company and Well Fargo Emerging Markets Equity Funds have been allotted with 4.40 lakh shares each.
Some of the other investors include the Citigroup Global Markets, BNP Paribas Arbitrage, and among others.
The net proceeds from the fresh issue are proposed to be utilized towards the Augmenting the company capital base to meet future requirements and general corporate purposes.
The company which is started by Mrs. Padmaja Reddy, as an NGO Society in the year 1998. Spandana follows both the individual and group-based microcredit lending model wherein both the models, the loans are given to the individuals based on their household economics.