Business Standard

SKS QIP issue oversubscribed, raises Rs 230 cr

The QIP, which was launched on July 12, obtained bids worth Rs 230 crore approximately

Press Trust of India  |  Hyderabad 

Microfinance today said it has raised Rs 230 crore through its qualified institutional placement (QIP), which was oversubscribed on the last day of its issue, bringing in much-needed growth capital.

The QIP, which was launched on July 12, obtained bids worth Rs 230 crore approximately, SKS said in a statement.

Announcing the closure, S Dilli Raj, Chief Financial Officer, SKS, said, the overwhelming response to the validates the relevance of micro-finance for financial inclusion in India.

SKS recently said it is raising Rs 33.50 crore through a preferential allotment of 4.45 million shares for Rs 75.40 apiece to a fund managed by existing investor WestBridge Capital Partners.

"QIP proceeds of Rs 230 crore and the proposed preferential allotment for Rs 33.50 crore aggregating Rs 263.50 crore brings in the much-needed growth capital," Dilli Raj said in the statement.

The Joint Global Coordinators and Book Runners to the QIP are Credit Suisse Securities (India) and YES Bank, it added.

These funds will help SKS strengthen its leadership position and improve the sector's prospects, SKS Managing Director and Chief Executive Officer M R Rao said.

"Most importantly, the QIP equips us to meet the credit requirements of our 4 million rural borrowers who have been waiting patiently for some time now," Rao added.

SKS's reported networth of Rs 435 crore as of March 31, 2012 would increase to Rs 700 crore (approximate) after the QIP and proposed preferential allotment, the company said.

"This capital raise reinforces the confidence reposed in us by our credit grantors and exponentially enhances our debt fund-raising ability," Dilli Raj said.

SKS Microfinance shares closed 1.65% down at Rs 80.30 apiece on the today.

RECOMMENDED FOR YOU

SKS QIP issue oversubscribed, raises Rs 230 cr

The QIP, which was launched on July 12, obtained bids worth Rs 230 crore approximately

SKS Microfinance today said it has raised Rs 230 crore through its qualified institutional placement (QIP), which was oversubscribed on the last day of its issue, bringing in much-needed growth capital.

Microfinance today said it has raised Rs 230 crore through its qualified institutional placement (QIP), which was oversubscribed on the last day of its issue, bringing in much-needed growth capital.

The QIP, which was launched on July 12, obtained bids worth Rs 230 crore approximately, SKS said in a statement.

Announcing the closure, S Dilli Raj, Chief Financial Officer, SKS, said, the overwhelming response to the validates the relevance of micro-finance for financial inclusion in India.

SKS recently said it is raising Rs 33.50 crore through a preferential allotment of 4.45 million shares for Rs 75.40 apiece to a fund managed by existing investor WestBridge Capital Partners.

"QIP proceeds of Rs 230 crore and the proposed preferential allotment for Rs 33.50 crore aggregating Rs 263.50 crore brings in the much-needed growth capital," Dilli Raj said in the statement.

The Joint Global Coordinators and Book Runners to the QIP are Credit Suisse Securities (India) and YES Bank, it added.

These funds will help SKS strengthen its leadership position and improve the sector's prospects, SKS Managing Director and Chief Executive Officer M R Rao said.

"Most importantly, the QIP equips us to meet the credit requirements of our 4 million rural borrowers who have been waiting patiently for some time now," Rao added.

SKS's reported networth of Rs 435 crore as of March 31, 2012 would increase to Rs 700 crore (approximate) after the QIP and proposed preferential allotment, the company said.

"This capital raise reinforces the confidence reposed in us by our credit grantors and exponentially enhances our debt fund-raising ability," Dilli Raj said.

SKS Microfinance shares closed 1.65% down at Rs 80.30 apiece on the today.

image

LIVE MARKET

BSE

  ( %)

NSE

  ( %)

Widgets Magazine

More News

STOCK WATCH

Company Price() Chg(%)
Indbull.RealEst. 67.55 6.46
Bata India 586.05 5.75
Suzlon Energy 14.99 5.27
Castex Tech 7.19 4.96
GMR Infra. 12.61 4.91
> More on BSE Gainers
Company Price() Chg(%)
Indbull.RealEst. 67.65 6.54
Suzlon Energy 14.95 5.28
Bombay Rayon 144.95 5.04
Bata India 584.20 5.02
GMR Infra. 12.60 5.00
> More on NSE Gainers
Company Price() Chg(%)
Titagarh Wagons 91.60 -7.33
Idea Cellular 118.30 -6.52
Jindal Steel 69.90 -6.49
HCL Technologies 750.45 -6.19
CEAT 1097.70 -5.88
> More on BSE Gainers
Company Price() Chg(%)
Jindal Steel 69.80 -6.56
CEAT 1098.60 -6.39
Idea Cellular 118.55 -6.28
HCL Technologies 750.30 -6.20
JMT Auto 53.25 -5.67
> More on NSE Gainers
Widgets Magazine
Widgets Magazine
Widgets Magazine

Derivatives

Index
Instrument Type
Expiry Date
Option Type
Strike Price

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard