SKS Microfinance raises Rs 263 crore through QIP, preferential allotment

MUMBAI: SKS Microfinance today raised Rs 263.5 crore though preferential allotment and qualified institutional placement.

The micro finance company raised Rs 230 crore through qualified institutional placement to foreign and domestic institutions and another Rs 33.55 crore through preferential allotment of shares to a fund managed by the existing investor WestBridge Capital Partners. It will help WestBridge maintain its shareholding at around 7%. WestBridge was formed by splitting team from Sequoia Capital India II

This is the largest capital raise in the microfinance sector after the IPO in August 2010. SKS Microfinance said that it opened a QIP on July 12 at a share price of Rs 75.40. Credit Suisse Securities (India) Private Limited and Yes Bank were book runners to the QIP.

The shares of SKS Microfinance closed down 1.65% to Rs 80.3 at the Bombay Stock Exchange.