SKS Microfin divests 4.11% via pref allotment to Mauritius co

Our Bureau Mumbai | Updated on August 30, 2012

SKS Microfinance has allotted 44.5 lakh shares to Mauritius-based Kumaon Investment Holdings in a preferential allotment, the microfinance-lender said in a filing with the BSE.

The microfinance company has raised Rs 33.55 crore through preferential allotment. This gives Kumaon Investment Holdings 4.11 per cent voting rights in the company. Kumaon Investment Holdings is a subsidiary of West Bridge Ventures II LLC, which is one of the promoters of SKS Microfinance Ltd.

This takes the total voting rights of West Bridge Ventures II LLC (also Mauritius-based) to 8.83 per cent from 4.72 per cent earlier. West Bridge and its subsidiary now hold 95.55 lakh shares in SKS Microfinance post the allotment. If one considers SKS Microfinance's Thursday closing price of Rs 106.15, then the preferential allotment at Rs 75.4 a share is at a discount.

Shares of SKS Microfinance were up 4.48 per cent on the BSE on Thursday.


Published on August 30, 2012

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