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The board of directors of SKS Microfinance has decided to open a Qualified Institutional Placement (QIP) issue by way of issue of equity shares.
As per information sent to the Bombay Stock Exchange on Friday, SKS board had earlier fixed July 12, 2012 as the relevant date for the purpose and accordingly the floor price is Rs 75.40 a share.
The board has approved preferential allotment of 44.5 lakh equity shares at an issue price of Rs 75.40 a share to Kumaon Investment Holdings, a promoter of the company.
Shares of the Hyderabad-based company declined six per cent and were trading at Rs 85.45 on the BSE today.
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