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SKS Microfinance Ltd is getting ready to rise about ₹400 crore through Qualified Institutional placement (QIP).
As part for the preparatory work, the trading window for SKS Microfinance board members, designated employees and their dependent family members would be closed during May 19-28.
The closing of trading was in line with the code of conduct for prevention of insider trading and disclosure practices due to preparatory work in relation to the company’s proposed capital raising initiative, the Bombay Stock Exchange was informed on Monday.
The micro-lender had announced in February its intention to raise ₹400 crore through QIP in the present financial year by diluting a maximum of 20 per cent stake.
During the last financial year, SKS posted ₹70-crore profit. In the previous financial year, SKS incurred loss of ₹30 crore. The revenue grew to ₹519 crore (₹332 crore).
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