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SKS Microfinance all set for an IPO

By SiliconIndia   |   Monday, March 29, 2010
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Bangalore: SKS Microfinace, the largest microfinance institution in India, has announced that it is going for an initial public offering (IPO). In a statement to the Bombay Stock Exchange, the company proposed to offer an IPO and plans to file a draft red herring prospectus with the Securities and Exchange Board of India. The Hyderabad-based non-banking financial company (NBFC) has been planning to go for an IPO since last year. The company is looking to raise Rs 1,000 crore. As per BSE filing, the company plans an IPO of over 16 million equity shares of Rs. 10 each consisting of fresh issue of 7.4 million equity shares and offer for sale of 9.3 million equity shares of Rs. 10 each for cash at premium. Kotak Mahindra Capital, Credit Suisse and Citigroup Capital Markets are the bankers for the issue. SKS Microfinance, which in 2005 converted itself into a NBFC has served 53 lakh members across 19 states as per September 2009 audited results. Its loan outstanding stands at Rs. 2,801 crore with 99.1 percent repayment rate. It operates 1,675 branches across India.
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