SKS Microfinance Ltd on Monday opened a Qualified Institutional Placement (QIP) issue at a floor price of Rs 235.06 per equity share.

"The board of directors of the company at its meeting held on May 19, 2014, has decided to open a QIP issue by way of issue of equity shares on May 19, 2014,’’ the company informed the Bombay Stock Exchange on Tuesday.

The company intends to raise about Rs 400 crore with a maximum dilution of 20 per cent equity to meet funding requirements for its growth plans.

SKS scrip gained 2.36 per cent to trade at Rs 258.50 on the BSE.

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