Posts Tagged ‘SKS microfinance’

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SKS Microfinance slashes interest rates in Andhra Pradesh

Microfinance Focus, Oct 28, 2010: SKS Microfinance Ltd has informed BSE that the Company has decided to reduce its annualized rate of interest from existing 26.69% to 24.55%, with immediate effect in the state of Andhra Pradesh. The company is reported to have issued full-page advertisements in vernacular dailies of Andhra Pradesh on Wednesday, announcing the reduction in its interest rates. The interest rates charged by ... Full story

SEBI still investigating Gurumani’s removal from SKS Microfinance

Microfinance Focus, Oct 26, 2010: Security Exchange Board of India (SEBI) which issued a letter to SKS Microfinance seeking clarifications over the sudden removal of its CEO Suresh Gurumani earlier this month has said that investigation is still going on over the issue.  “The investigation is still on..," Sebi Chief C B Bhave told reporters in Mumbai according to an Economic Times report. Gurumani was sacked ... Full story

SKS microfinance shares drop 11%, slip below listing price

Microfinance Focus, Oct 25, 2010: At 11.14 hrs this morning, SKS Microfinance shares dropped 11% and slipped below its issue price on Bombay Stock Exchange. The shares showed a drop of Rs. 114.7 and were trading at Rs. 939. The company’s shares were listed at Rs. 1036, at a premium of 5.17 per cent over its issue price of Rs 985 per share. Earlier this morning, ... Full story

SKS Microfinance posts net profit of Rs 80cr in Q2

Microfinance Focus, Oct 23, 2010: India’s largest microfinance institution SKS Microfinance has posted a net profit of Rs 80cr ($18 million) in the second quarter of FY11, a growth of 116% compared to the net profit of Rs 37cr during the same period last year. The company’s total income has also increased from Rs 207cr to Rs 366cr, giving an YoY increase of 77%. In the ... Full story

Gurumani not back as CEO, continues as Director – SKS Microfinance

Microfinance Focus, Oct 9, 2010: Denying media reports of an High Court order issued for SKS to put back Suresh Gurumani to office as the company’s Managing Director and CEO, SKS spokesperson Mr. Atul Takle, EVP of Communications said, “Contrary to all the media reports published, High Court order nowhere says that Mr. Suresh Gurumani has to be put back as SKS’s CEO and he ... Full story

SKS Microfinance responds to SEBI, shares plummet 5.8%

Microfinance Focus, Oct 8, 2010: In yet another blow, SKS Microfinance Pvt. Ltd. which had its first plunge on the stock markets last Monday with its shares falling more than 5% on BSE, has today again tumbled 5.8% following SEBI’s (Securities and Exchange Board of India) notice which was issued to the company last evening seeking explanation for the sudden removal of its CEO Mr. ... Full story

No ‘financial impropriety’ behind CEO’s removal – SKS Microfinance

Microfinance Focus, October 5, 2010: Sacking of its Chief Executive Officer, Suresh Gurumani after a successful public offering two months ago, sent the shares of SKS Microfinance tumbling 5.8 percent at 1,276 rupees on Monday on Bombay Stock Exchange (BSE). The company has appointed Mr. M. R. Rao, Deputy CEO as the Managing Director & CEO for a period of 3 years with effect from ... Full story

SKS Microfinance reshuffles top-level; Removes CEO Gurumani

Microfinance Focus, October 4, 2010: Indian microfinance giant SKS Microfinance Ltd has informed Bombay Stock Exchange (BSE) that the Board of Directors of the Company at its meeting held October 03, 2010, which was adjourned and re-convened on October 04, 2010, has passed a resolution terminating the appointment of Mr. Suresh Gurumani as Managing Director and Chief Executive Officer of the Company and withdrawn all ... Full story

SKS Microfinance profits up 265%, at INR 67 crores for Q1

Microfinance Focus, September 28, 2010: India’s largest microfinance institution, SKS Microfinance has announced a 265% increase in its Profits After Tax (PAT) at INR 67 crores for the first quarter ended June 30, 2010, over the corresponding period a year ago. The company’s income from microfinance activities rose 92% to INR 284 crores from INR 148 crores in the same period in financial year 2009. During the ... Full story

Microfinance Industry Bullish by its Maiden IPO

Microfinance Focus, Aug 3, 2010: Indian microfinance institutions who have been nurturing the financially excluded sections of the nation for years against all odds are riding high on the success of the SKS microfinance IPO and are even more excited about the opportunities that the issue has laid open to them. Speaking to Microfinance Focus, Mr. Suresh K Krishna, the Managing Director of Grameen Financial Services ... Full story

RIIs oversubscribed SKS Microfinance IPO 2.8 times

Microfinance Focus, Aug 3, 2010: Retail Individual Investors (RIIs) oversubscribed SKS’s initial public offering 2.81 times as per the latest data posted on National Stock Exchange website on Aug 2 at 8.30 PM. In the portion reserved for Non-Institutional Investors it was subscribed 18.26 times. Non-Institutional investors include corporate and individuals other than RIIs. Over all the issue was subscribed 10.24 times and received a total ... Full story

SKS Microfinance proposed IPO gets ‘CARE IPO GRADE 4’

SKS Microfinance proposed IPO gets ‘CARE IPO GRADE 4’
Microfinance Focus, July 17, 2010: Credit Analysis and Research Ltd. (CARE Ratings) has assigned a ‘CARE IPO Grade 4’ to the proposed IPO of SKS Microfinance Ltd. The grading indicates ‘Above Average Fundamentals’. The grading reflects SKSML's position as one of the largest players in the Indian microfinance industry having pan India operations with a well diversified portfolio. ... Full story

SKS Microfinance IPO may hit the Market Soon

Microfinance Focus, June 24. 2010: SKS Microfinance which is going to be India’s first microfinance company to list on the Stock Exchanges may hit the market in the next week, subject to regulatory approvals. It plans to sell 16.79 million shares in its initial public offering (IPO). The firm plans to issue 7.44 million fresh shares while the rest will be sold by existing stakeholders ... Full story

Exclusive: SKS Microfinance journey to IPO – An inside story

Exclusive: SKS Microfinance journey to IPO - An inside story
By Vikash Kumar & Daniel Rozas * Microfinance Focus , May 12, 2010 : SKS Microfinance, India’s biggest lender to the poor, is soon to become the nation’s first microfinance company to list on the Stock Exchange. In the past 10 years, it has evolved from an NGO to a public limited company and has set many benchmarks for the industry to follow. Microfinance Focus presents ... Full story
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