BackSKS Microfinance set to raise Rs400 crore through QIP
The company has set the floor price at `235.06 per equity share
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Hyderabad: SKS Microfinance Ltd, India’s only listed microlender, on Tuesday informed stock exchanges that its board, at a meeting held on 19 May, had decided to sell shares to institutional investors to raise ₹ 400 crore.
The company has set the floor price at ₹ 235.06 per equity share as per the pricing formula under Securities and Exchange Board of India regulations.
SKS in February said it plans to raise ₹ 400 crore with a maximum equity dilution of 20%. The company said it will help fund growth besides reinforcing the capital position of SKS Microfinance.
Shares of SKS were trading at ₹ 252.55, up 4.88%, to ₹ 252.55 on the BSE at 9.45am, while the benchmark Sensex gained 1% to 24,363.05 points.
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