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SKS Microfinance to raise up to Rs 900 crore

27 Jul 2011 Evaluate

SKS Microfinance has received an approval to make qualified institutional placement (QIP) of eligible securities up to Rs 900 crore by issue of equity shares and / or any securities convertible into equity shares, with or without warrants, to qualified institutional buyers in accordance with the applicable guidelines of Securities and Exchange Board of India. The company has received an approval at its board meeting held on July 26, 2011. Further, the raising of funds is subject to the approval of the shareholders of the company and other statutory approvals.

The company reported a net loss of Rs 218.74 crore for the quarter as compared to a net profit of Rs 66.70 crore for the same quarter last year. Its total income has decreased by 46.35% to Rs 176.72 crore for the quarter under review from Rs 313.61 crore for the corresponding quarter of the previous year.

SKS Microfinance (SKS) is a non-banking finance company (NBFC), registered and regulated by Reserve Bank of India (RBI), whose mission is to eradicate poverty by providing financial services to the poor.

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