SKS Trust sells 7.6% stake in SKS Microfinance

Written by PTI | Mumbai | Updated: May 22 2014, 03:34am hrs
SKS Trust Advisors, the largest shareholder of SKS Microfinance, today offloaded 7.6 per cent stake in the microfinance player for more than Rs 182 crore through open market route.

SKS Trust, the sole trustee of five Mutual Benefit Trusts, sold a total of 82,09,040 shares, amounting to 7.58 per cent stake, of the only listed microfinance player, according to the bourses' bulk deal data.

Shares were sold for an average price of Rs 222.44, valuing the transaction at Rs 182.61 crore.

Earlier, SKS Trust had sold 0.03 per cent stake for Rs 92.52 lakh.

The company's Mutual Benefit Trusts include SKS Mutual Benefit Trust Medak, Sangareddy, Jogipet, Narayankhed and Sadasivapet.

At the end of March quarter, SKS Trust held about 12.51 per cent stake in SKS Microfinance.

On May 2, SKS Microfinance had informed the exchanges that its original founder Vikram Akula, and three other entities were no longer counted among its promoters.

Apart from Akula, the other entities who ceased to be classified as promoters of the firm are Mauritius Unitus Corp, Sequoia Capital India Growth Investments and SKS Mutual Benefit Trusts.

Shares of SKS Microfinance today surged by 9.48 per cent to close at Rs 281.75 piece on the BSE.