SKS Microfinance has soared 17% to Rs 185 in late noon deals ahead of Sequoia Capital stake sale plan to a fund managed by WestBridge Capital on or after November 20.
The stock opened at Rs 159 and touched high of Rs 188 on NSE. A combined 3.81 million shares have changed hands on the counter on BSE and NSE till 1445 hours.
In regulatory filing on November 12, Sequoia Capital India Growth Investments said it will sell its 1.75% stake or 1.89 million shares to WestBridge Ventures II LLC for Rs 155 per share.
The acquisition price would not be higher by more than 25% of the weighted average price of Rs 139.90 per share, it added.
The sale will increase the stake of WestBridge Capital in SKS to 10.17%, just marginally short of that of the five trusts which together make for the largest shareholder group of SKS Microfinance. Both Sequoia and WestBridge are part of SKS Microfinance's promoter group.
The stock opened at Rs 159 and touched high of Rs 188 on NSE. A combined 3.81 million shares have changed hands on the counter on BSE and NSE till 1445 hours.
In regulatory filing on November 12, Sequoia Capital India Growth Investments said it will sell its 1.75% stake or 1.89 million shares to WestBridge Ventures II LLC for Rs 155 per share.
The acquisition price would not be higher by more than 25% of the weighted average price of Rs 139.90 per share, it added.
The sale will increase the stake of WestBridge Capital in SKS to 10.17%, just marginally short of that of the five trusts which together make for the largest shareholder group of SKS Microfinance. Both Sequoia and WestBridge are part of SKS Microfinance's promoter group.
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