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SKS Microfinance’s Qualified Institutional Placement (QIP) issue to raise ₹400 crore, which closed on Thursday, was oversubscribed, the lender said.
“The overwhelming response to our QIP endorses investors’ confidence in SKS Microfinance Ltd’s turnaround and the improved business prospects for the micro finance institutions sector,” S Dilli Raj, President, SKS Microfinance, said in a release on Thursday.
The QIP, the first after the general elections, was launched on May 19. It was also the largest amount of capital raised in the microfinance sector post the SKS’ public offer in August 2010. It had a floor price of ₹235 and an issue price of ₹225.
The micro-lender had a networth of ₹459 crore as of March 31. This would cross ₹850 crore after the QIP.
The SKS Micro scrip gained 0.30 per cent to close at ₹282.60 on the Bombay Stock Exchange on Thursday.
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