Spandana Sphoorty Financial raises USD 20 million via ECB

Micro finance firm Spandana Sphoorty Financial Limited on Thursday said it raised USD 20 million from External Commercial Borrowings (ECBs) to fund business growth.

The company has raised External Commercial Borrowings of USD 20 million with a tenure of 36 months, Spandana Sphoorty Financial said in a regulatory filing.

Last year, RBI had imposed a monetary penalty on Spandana Sphoorty for the company's failure to adhere to pricing of credit guidelines for Non-Banking Financial Company-Micro Finance Institutions.

In furtherance to the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the RBI directions, the RBI had said.