A spokesperson for Spandana Microfinance has clarified to this news website that the article that appeared in The Economic Times on January 13th 2011 stating that the company is facing a liquidity crisis, is factually wrong and a clarification for the same has appeared in the Edit Page of The Economic Times yesterday.
Spandana Microfinance Comfortable on Liquidity Front
The company spokesperson has further stated that while the repayment rates have come down for Spandana Sphoorty in Andhra Pradesh, the company’s operations in other states continue to be normal. In addition to that, Spandana has also diversified into other loan segments in Andhra Pradesh like tractor loans, agri-loans, and non SHG loans where the repayment rates are satisfactory.
The company spokesperson also said “ Spandana has been servicing all it’s debt on time. Spandana is comfortable on the liquidity front and is fully equipped to meet its loan obligations to the lenders,”.
“We would like to reiterate that we are in active engagement with various investors–both for debt and equity. We would also like to mention here that bankers are positively considering our fund raising proposals. With the current liquidity position and with the support of bankers, we are extremely hopeful of coming out of this challenging situation,” the company spokesperson further added.