SKS Microfinance trades jubilantly on the bourses

SKS Microfinance is currently trading at Rs. 275.00, up by 17.65 points or 6.86% from its previous closing of Rs. 257.35 on the BSE. The scrip opened at Rs. 257.90 and has touched a high and low of Rs. 280.80 and Rs. 241.10 respectively. So far 1519938 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 282.40 on 22-Apr-2014 and a 52 week low of Rs. 95.60 on 24-May-2013. Last one week high and low of the scrip stood at Rs. 280.80 and Rs. 235.00 respectively. The current market cap of the company is Rs. 2979.60 crore. The promoters holding in the company stood at 27.90% while Institutions and Non-Institutions held 43.54% and 28.56% respectively. SKS Microfinance has set a floor price of Rs 235.06 a share for its qualified institutional placement. The board of directors of the company, at its meeting on May 19, decided to open a QIP issue by way of issue of equity shares. It intends to raise around Rs 400 crore with a maximum dilution of 20 per cent equity to meet funding requirements for its growth plans. 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 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. It operates across 16 states of India.