SKS Microfinance gains on Rs 100 crore refinance line sanction from MUDRA

The stock gained 5% at Rs 419 after MUDRA has sanctioned a refinance line of Rs 100 crore at 10% per annum

SKS Microfinance is trading higher by nearly 5% at Rs 419 on the BSE after the company announced that MUDRA (Micro Units Development & Refinance Agency Limited) has sanctioned a refinance line of Rs 100 crore at 10% per annum to the company.

MUDRA is a new financial institution set up by the Government of India for development and refinancing activities relating to micro enterprise units.

SKS Microfinance said the development is expected to contribute to bringing down the cost of interest-bearing liabilities.

Meanwhile, on Tuesday, October 27, Morgan Stanley Asia Singapore PTE bought 777,000 shares of SKS Microfinance at Rs 402.44 on the BSE. Westbridge Ventures II LLC however sold 1.42 million shares of SKS Microfinance at Rs 401.71 per share, the bulk deal data shows. The names of the other buyers are not identified.

The stock hit an intra-day high of Rs 421 and has seen a combined 1.85 million shares changing hands on the counter on the BSE and NSE till 10:15 am.