Shares of SKS Microfinance has soared 12% to Rs 94.95, extending gains for the third straight session on the Bombay Stock Exchange.
The counter has seen huge volumes with a combined 9.78 million shares representing around 21% of free-float equity have changed hands till early noon deals, against an average sub two million shares that were traded daily in past ten trading days on both the exchanges.
The stock of the only listed microfinance institution has rallied 39% in past three trading days on reports that the Reserve Bank of India (RBI) may relax some of the norms pertaining to microfinance institutions.
D Subbarao, Governor, RBI, had on Wednesday hinted that capital adequacy and provisional norms could be relaxed in a phased manner.
Meanwhile, the company is planning to raise Rs 3,500 crore to fund its expansion plans from banks and financial institutions during the course of the year, the report suggests quoting Mr S. Dilli Raj, Chief Financial Officer, SKS Microfinance.