| Log in

SKS Microfinance opens QIP to raise up to $68M

20 May, 2014

Public-listed micro-lender SKS Microfinance Ltd has fixed Rs 235.06 a share as the floor price for its qualified institutional placement (QIP) which may raise up to Rs 400 crore ($68 million), the company said in a stock market disclosure.

SKS Microfinance scrip closed at Rs 257.35 per share, up 4.8 per cent on the BSE in a strong Mumbai market on Tuesday.

The firm had earlier said it may raise up to Rs 400 crore by issuing as much as 19 million shares. This means it would dilute 15-20 per cent of its equity base with the QIP.

The firm, once India’s largest microfinance firm, counts WestBridge Capital among its key shareholders.

SKS Microfinance had previously raised Rs 230 crore ($42 million back then) in a QIP two years ago. This was the first tranche of a much larger fundraising plan announced in 2011. That time the shares were issued at Rs 75.40 a piece. The issue size was Rs 165 crore ($30 million), but was oversubscribed.

SKS Microfinance, the only listed micro-lender, operates across 16 states, including Karnataka, Maharashtra, Odisha, Madhya Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttarakhand, Haryana, West Bengal, Jharkhand, Chhattisgarh, Kerala, Punjab and Delhi.

The firm posted net profit of Rs 27.11 crore for the quarter ended March 31, 2014 compared with Rs 2.70 crore in the previous year. Total income rose to Rs 138.29 crore in the same period from Rs 95.09 crore for the year ended March 31, 2013.

In the year ended March 31, 2014, the micro-lender sealed total loan securitisation deals worth Rs 1,656.46 crore.

(Edited by Joby Puthuparampil Johnson)


Leave Your Comment
SKS Microfinance raises around $68M through QIP issue

SKS Microfinance raises around $68M through QIP issue

Anuradha Verma 4 years ago
India’s lone-listed micro lender SKS Microfinance Limited has raised Rs 400...
SKS Microfinance QIP issue oversubscribed; Company raises $42M

SKS Microfinance QIP issue oversubscribed; Company raises $42M

Bhawna Gupta 5 years ago
SKS Microfinance Ltd  has closed its qualified institutional placement ),...
SKS Microfinance to raise up to $64M through QIP, shuffles top management

SKS Microfinance to raise up to $64M through QIP, shuffles top management

Anuradha Verma 4 years ago
Public-listed micro-lender SKS Microfinance Ltd is looking to raise growth...
No Comments

SKS Microfinance opens QIP to raise up to $68M

Powered by WordPress.com VIP