Bharat Financial Inclusion to raise Rs 750 crore through QIP

Bharat Financial Inclusion is planning to raise Rs 750 crore through qualified institutional placement (QIP). The micro lender had on Thursday filed with the bourses the preliminary placement document in this regard. The Capital Raising Committee of the board passed the resolution to authorise the opening of the offer on Thursday. The floor price of the QIP offer has been set at Rs 769.95 an equity share.

The company may at its discretion offer a discount of up to 5 per cent on the floor price in the offer in accordance with applicable laws. The CCB will meet on September 27, 2016, to consider and approve the issue price of the equity shares.

Bharat Financial Inclusion (formerly known as SKS Microfinance) is a non-banking finance company (NBFC), regulated by the Reserve Bank of India. The company’s mission is to provide financial services to the poor under the premise that providing financial services to poor borrowers helps to alleviate poverty.