SKS Microfinance to raise Rs 400 crore through QIP

SKS Microfinance is all set to raise around Rs 400 crore through Qualified Institutional placement (QIP) in February 2015 by diluting a maximum of 20 per cent stake. The proposed capital raise of up to Rs 400 crore will fund growth opportunities besides reinforcing the capital position of the company. During the last financial year, SKS posted Rs 70-crore profit. In the previous financial year, SKS incurred loss of Rs 30 crore. The revenue grew to Rs 519 crore as compared to Rs 332 crore in FY13. SKS Microfinance (SKS) is a non-banking finance company (NBFC), registered and regulated by the Reserve Bank of India, whose mission is to provide financial services to low-income households. SKS operates across 16 states of India.