WestBridge picks up 1.48% stake in SKS Micro

Our Bureau Updated - March 12, 2018 at 05:24 PM.

WestBridge Ventures II, LLC, said it has acquired a 1.48 per cent stake, or 16 lakh shares, in SKS Microfinance Ltd. The shares were bought at Rs 140 apiece from Mauritius Unitus Corporation, according to a disclosure to the BSE on Tuesday.

Last week, SKS Trust, bought 29 lakh shares, including nine lakh from Vikram Akula, founder and ex-Chairman, to become the largest stakeholder. Subsequently, it wrote to the management asking for Vikram Akula to be inducted as a director on its board.

SKS Microfinance said that under its articles of association, no shareholder has a right to nominate a director. All requests are to be made in accordance with the Companies Act.

somasekhar.m@thehindu.co.in

Published on September 10, 2013 16:31