The SKS Trusts, the original promoter of the SKS Microfinance Ltd, has become the largest shareholder in the company by increasing its stake to 12.60 per cent.
SKS founder and ex-chairman, Vikram Akula, had sold over 9 lakh shares worth Rs 12 crore while Sequoia Capital India Growth Investments I sold 15 lakh shares, trimming its stake in the company from 3.8 per cent to 2.41 per cent, the BSE was informed on Tuesday.
For the last two months, the steady increase of its stake by the Trusts had triggered speculation that Vikram Akula would be back on the company’s board as the trust, with significant stake, could seek a position on the board.
According to sources, the Trust had already written to the company seeking the same, though it was not officially confirmed who would be nominated on the board. When contacted a company official declined to comment on the development.
“We believe the stock of SKS Microfinance Ltd at current prices offers a good investment value to the Trusts from a long term perspective. The investment is in line with the objectives of the Trusts and is fully compliant with all regulations,” Biksham Gujja, Director of the Trustee of SKS Trusts, said in a statement.
SKS Trusts consists of five mutual benefit trusts whose beneficiaries are self-help groups of borrowers of SKS Microfinance Ltd. The sole Trustee of the Trusts is SKS Trust Advisors Pvt Ltd (STAPL). Prior to Tuesday’s open market purchase of over 29 lakh shares, STAPL had 9.91 pc stake. The company’s stock zoomed 11.88 per cent on the BSE to end the day at Rs 132.30.
The current rules would permit a stakeholder to approach the Company Law Board seeking a role in the affairs of the company, if such a request is not favourably considered by the company.
These developments would assume significance as SKS Microfinance, which was badly hit by the AP microfinance crisis of 2010, is getting back on track now.