DEAL BRIEF
Andhra Pradesh based microfinance lender Spandana Sphoorty
Financial Limited ("Spandana") has
raised approximately USD 270 million by way of equity from Kedaara
Capital ("Kedaara") and debt funding
from lenders.
Kedaara shall invest approximately USD 100 million into Spandana
by subscribing to fresh shares and acquiring existing shares from
shareholders. In addition to the investment by Kedaara, certain
existing lenders of Spandana, along with certain new financial
institutions have also agreed to lend to Spandana approximately USD
170 million to repay to its existing lenders. The transactions
together with Kedaara's investment and raising of debt also
involved settlement of all amounts due to the lenders resulting in
Spandana's exit from Corporate Debt Restructuring scheme
("CDR"). Spandana currently counts JM
Financial, Lok Capital, Valiant Capital and Helion Ventures as
other private equity investors invested in it.
