While the company officials were tightlipped over the exact stake acquisition by Bajaj Allianz, market sources said that it will be around 2.5% stake and the deal took place a month back. SKS Microfinance raised over Rs 700 crore till date from leading domestic and international equity players.
Announcing this milestone, SKS Microfinance founder & chairman Vikram Akula said, An investment in SKS Microfinance by a mainstream investor such as Bajaj Allianz is a vote of confidence in the company and in microfinance. Investment from a leading private insurer gives SKS greater stability and credibility, as well as a stronger capital base to extend our reach to serve more poor customers.
SKS Microfinance and Bajaj Allianz Life Insurance partnered in April 2008 to launch India's first micro-insurance product for the rural poor.
With this investment, SKS Microfinance will further improve its capital adequacy ratio (CAR) requirements.