FIIs raise stake in SKS to 31.77%
The sharp increase in the shareholding of foreign institutional investors (FIIs) coincided with a massive rally of 88% in the share price of Hyderabad-based SKS Microfinance between July and September this year.
On other hand, the total promoter holding dipped to 29.58% during the quarter from 37.62% in April-June 2012, as per information available with the stock exchanges.
Helped by the significant share purchase by FIIs, SKS Microfinance stock rallied by about 88% between July 1 and September 30, after a plunge of 34% in the preceding three months. The stock has taken a major beating since its listing in August 2010 at a price of over R1,000 per share and is currently trading at near R120 per share at the stock exchanges. The company had debuted on the bourses after sale of shares in Initial Public Offer at a price of R985 a piece.
The foreign investors that have acquired fresh shares during the last quarter include CLSA, Royal Bank Investment, Credit Suisse and Morgan Stanley.
Currently, CLSA (Mauritius) owns 8.77%, while Royal Bank Investment Partners (London) owns 4.62%. Morgan Stanley (Singapore) and Credit Suisse held 4.16% and 1.48% stakes respectively.
Besides, the number of FIIs stands at 30, up from against 24 at the end of April-June quarter. Analysts believes the fresh
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