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SKS Trust Advisor has upped its holding in SKS Microfinance to 9.63%, becoming the largest shareholder India's only listed micro finance institution (MFI).
SKS Mutual Benefit Trusts today bought around 1 million shares (0.84%) of SKS Microfinance for Rs 13.4 crore. SKS Trust Advisor, is the trustee of SKS Mutual Benefit Trusts.
Sequoia Capital India Growth Investments, which owns 3.8% stake in the MFI, sold 1.39% stake at Rs 132 per share to net Rs 19.8 crore.
While founder Vikram Akula sold almost his entire holding of around 9,00,000 shares for Rs 12 crore at Rs 132 apiece.
'We believe the stock of SKS Microfinance at current prices offers a good investment value to the trust from a long-term perspective. The investment is in line with the objectives of the trusts and is fully compliant with all regulations. With today's investments, SKS Trusts, the original promoter, will become the largest shareholder of SKS Microfinance,” said Biksham Gujja, director of the Trustee of SKS Trusts.
Shares of SKS today ended nearly 12% higher at Rs 132.3 on BSE, a day when the benchmark Sensex fell 651 points, or 3.45% to 18,234.66.
