The stake off-loading spree in SKS Microfinance Ltd is continuing with Mauritius Unitus Corporation and Sequoia Capital India Growth Investments further trimming their stakes.
On Monday (January 28) Sequoia Capital reduced its stake in the Hyderabad-based company from 6.88 per cent to 4.25 per cent by selling 40,633 shares in the National Stock Exchange.
Another promoter, Mauritius Unitus Corporation, also sold one lakh shares on January 25, 2013, a day after the company posted its first profit of Rs 1.2 crore after suffering losses in seven consecutive quarters. Earlier, on January 15 and 22, Mauritius Unitus sold over a lakh shares.
Its stake in SKS now stands at 1.65 per cent. SKS was hit by the Andhra Pradesh microfinance crisis in October 2010.
In December last year, another promoter of the only listed MFI, West Bridge Ventures II LLC, had also brought down its stake from 3.93 per cent to 2.85 per cent.
SKS’ scrip lost 1.33 per cent on the Bombay Stock Exchange on Tuesday and was trading at Rs 163 by the lunch hour.