PADMAJA REDDY
Stocks in news: JSW Infra, Stanley Lifestyles, SAMHI Hotels, Bank Of Baroda, IREDA
Indicating that the company is still interested in the mega Tajpur deep sea port in West Bengal, JSW Infrastructure Ltd said that it remains open to re-evaluate its strategy for the project.
Founder Padmaja Gangireddy plans to sell shares worth Rs 100 crore in Spandana Sphoorty Financial, engages investment banker to explore block deal
Padmaja Gangireddy, founder of Spandana Sphoorty Financial, plans to sell a part of her 14.5% share in the firm she left one-and-a-half years ago following a dispute with the majority shareholder Kedaara Capital. With an immediate aim to raise INR1bn ($13m), she intends to invest the sum in her new venture Keertana Finserv and secure a separate NBFC-MFI licence. Gangireddy has engaged an investment banker to strike a block deal to sell a part of the holding.
Spandana Sphoorty tanks over 8% after muted performance in Q1
Its consolidated total income also declined sharply from Rs 480.3 crore in Q4FY21 to Rs 299.1 crore in Q4FY22. Its business operations were impacted in the second half of FY22 by the resignation of its Managing Director on November 2, 2021.
Spandana Sphoorty net profit rises 50% to Rs 75 cr in March-qtr
Spandana had informed the stock exchanges about delay in submitting the financial results for the financial year ended March 31, 2022 as it was facing disruptions due to management-level problems.The company said it was nearing an in-principle settlement with its erstwhile managing director Padmaja Reddy to amicably resolve all differences, including reconciliation of all historical matters.
Padmaja Reddy rules out signing non-compete clause with present Spandana Sphoorty management
Reddy founded Spandana in 1998 and successfully revived it to one of the country’s biggest microfinance lenders after going through the ordeal of a debt restructuring following the 2010’s Andhra Pradesh microfinance crisis that forced many micro lenders shut shops.
Spandana Sphoorty's founder and former MD Padmaja Reddy moves court
Spandana called a board meeting on March 18 and announced the appointments of Saxena as MD and Ashish Damani as chief financial officer for five years with effect from March 19.
Spandana shareholders okay Rs 300 crore fundraising
A little over 81% of the company's shareholders approved the preferential allotment. Special resolutions like these needed 75% approval.
Fresh trouble brewing at Spandana Sphoorty: Padmaja Reddy to challenge preferential allotment to Kedaara Capital
Microfinance lender Spandana Sphoorty Financial faces fresh troubles over fundraising as some minority shareholders get ready to challenge the plan to allot preference shares in favour of private equity firm Kedaara Capital, the principal investor with 45.5% holding.
Kedaara Capital and Valiant to buy Spandana preference shares at 21% premium
The lender is in the process of seeking shareholders' approval for the same through e-voting, which commenced on February 15 and will continue till March 16. The results of the remote e-voting will be declared on March 17.
Padmaja Reddy plans her second stint, to build Keertana Financial
Keertana Financial would focus on secured gold loans and small ticket business loans, Reddy told ET in an exclusive interaction.
Spandana Sphoorty sheds 5% as delayed Q2 results show Rs 58-cr net loss
The microfinance lender delayed the announcement of its second-quarter results as it failed to complete the audit in time due to the flux in management, including the exit of founder Padmaja Reddy in November.
Spandana Sphoorty posts Rs 59 crore loss in Q2
Spandana Sphoorty Financial, which was caught in a bitter fight between its promoter and private equity investor Kedaara Capital, reported a net loss of ₹59 crore in the September quarter, pulled down by the high provisions made to cover asset quality risks. It had reported ₹63 crore net profit in the year-ago period.
Padmaja Reddy alleges exorbitant salary for new Spandana CEO, wants curb on salary for MFI chiefs
Earlier, Spandana Sphoorty Financial managing director Padmaja G Reddy resigned from the microfinance lender following disagreement with private equity investor Kedaara Capital.
Promoter-investor tussle hits Spandana Sphoorty MFI
The board of Spandana has accepted MD Padmaja G Reddy's resignation with immediate effect. It will be hiring an eminent industry veteran as its new MD & CEO, and construct a new management committee, it announced in a stock exchange filing late evening Tuesday.
Spandana Sphoorty sets price band at Rs 853-856 for its Rs 1,200 crore IPO
The IPO comprises a fresh share sale for Rs 400 crore and an offer for sale for about Rs. 800 crore.
Vanteru Pratap Reddy attempts immolation over search at house
A flying squad comprising election officials reached Reddy's house late Monday night along with police, but he and his supporters prevented them from discharging their duty.
Micro lender Spandana Sphoorty raises Rs 100 crore from Bandhan Bank in securitisation deal
Through the deal Spandana has securitised Rs 100 crore portfolio to Bandhan Bank through Pass Through Certificate.
Birla Mutual Fund invests Rs 400 crore in micro-finance company Spandana Sphoorty
The funding will be utilised by the microfinance company to increase its lending portfolio in the 586 branches operated by the company across the country.
Andhra crisis is now hurting MFIs' national interest
The recent SKS Microfinance results show Andhra Pradesh is a severe pain point for the sector. Neither banks nor the state government is keen to fix it. Since the beleaguered microfinance institutions can't fix it by themselves, the clock continues to tick for them.
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