Pramod Bhasin resigns from SKS Microfinance board

NEW DELHI: SKS Microfinance today said Pramod Bhasin, ex-President and CEO of outsourcing firm Genpact, has resigned from the board of the company with immediate effect.

"Pramod Bhasin, an independent director, has tendered his resignation as Director from the Board of the company, with effect from August 12, 2011," SKS said in a filing to the Bombay Stock Exchange.

However, the country's largest and only listed micro finance company SKS did not immediately give any reason for the resignation.

In a separate disclosure to the BSE, SKS said the UK-based Genesis Asset Managers has sold 0.28 per cent stake in the company.

Following the sale, the holding of Genesis, which focuses on emerging market equities, has come down from 5.12 per cent to 4.85 per cent.

Genesis, which serves institutional clients in the US, the UK, Europe, Australia and the Middle East, invests only in companies which have longer term growth potential and are undervalued.

Vikram Akula-founded SKS Microfinance had mopped up over Rs 1,650 crore (around USD 350 million) through its initial share sale in July last year.