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.