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Stake shake at SKS

Mumbai, May 21: SKS Trust Advisors Pvt Ltd, the single largest shareholder of SKS Microfinance, today sold 8.3 per cent of the company through block deals at the stock exchanges.

The sale will leave it with a shareholding of around 4.2 per cent in the microfinance entity. Market circles said the transaction was largely conducted on the National Stock Exchange and the shares were sold at an average price of around Rs 220 per share.

SKS Trust said the sale was part of its plan to diversify its portfolio and make investments in new opportunities towards financial inclusion.

Biksham Gujja-led SKS Trust recently acquired a 70 per cent stake in Outreach Financial Services (OFS India), a financial services start-up. OFS India was founded by the former employees of SKS Trust and SKS Microfinance.

The transaction led to the shares of SKS Microfinance ending sharply higher on the BSE. The scrip rose nearly 9.50 per cent to finish at Rs 281.75.

 
 
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