SKS Microfinance surges after QIP oversubscribed

Shares of SKS Microfinance rallied over 4 per cent on Bombay Stock Exchange (BSE) after its Rs 400 crore qualified institutional placement (QIP) evoked a strong response and was oversubscribed several times.

"The QIP will enable us to augment our member base from the present 4 million to 8.5 million over the next three years, and meet their credit requirements," the company said in a release quoting M.R. Rao, Managing Director and Chief Executive Officer, SKS Microfinance Limited.

Buoyed by the development, shares of company gained as much as 3.46 per cent at Rs 281.45 a piece on the BSE.

In a similar fashion, shares of company advanced 3.38 per cent to Rs 281.50 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 25,127.82, up 434.47 points, or 1.76 per cent at 11: 42 hours.

Read more about: sks microfinance
Story first published: Monday, May 26, 2014, 12:40 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?