SKS Microfinance completes Rs. 80.81 Cr securitization

SKS Microfinance completes Rs. 80.81 Cr securitization
Micro lender SKS Microfinance on Wednesday announced the second microfinance securitization during the current financial year of Rs. 80.81 crore.

"SKS Microfinance Limited has downloaded the receivables from micro loans extended to 100,850 rural women entrepreneurs to a special purpose vehicle, and pass through certificates (PTCs) have been purchased by a major private sector bank. Notably, the entire pool qualifies for priority sector treatment as per RBI's priority sector lending guidelines," the Non Banking Financial Company (NBFC) said in a filing to Bombay Stock Exchange.

"The entire pool, which comprises receivables from women entrepreneurs from weaker sections, includes 30 per cent from scheduled caste and scheduled tribe entrepreneurs, 16 per cent from minorities, 37 per cent from backward caste and the remaining 17 per cent from women belonging to the other castes," SKS Microfinace said.

The pool is rated AA (SO) signifying 'High Degree of Safety regarding timely servicing of financial obligation' by one of the leading rating agencies.

The pool is structured with geographical diversity as it comprises receivables from 12 non-Andhra Pradesh states and subjected to a minimum seasoning of three months, it added.

Dion Global Solutions Ltd.

Read more about: sks microfinance, securitization, nbfc, bse
Story first published: Thursday, December 12, 2013, 13:28 [IST]
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