SKS Microfinance soars on completion of Rs 390-cr securitisation deals

SKS Microfinance has locked in upper circuit of 10% at Rs 146 after the company said it concluded two highest rated microfinance securitization transactions aggregating to Rs 390 crore. 

"The present transactions generate liquidity of Rs 370 crore for SKS Microfinance and also bring in the concomitant capital relief," said S. Dilli Raj, Chief Financial Officer, SKS Microfinance. 

"The transactions have helped us provide working capital access to 500,000 women rural entrepreneurs while enabling the purchasing banks to achieve their Priority Sector loan obligations" added S. Dilli Raj.

With this, the company has completed seven securitization transactions aggregating to Rs 803 crore in FY13, SKS Microfinance said.

The stock opened at Rs 133 and hit a low of Rs 128 on NSE. A combined 750,008 shares have changed hands on the counter so far and there are pending buy orders for 445,147 shares on NSE and BSE.