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SKS Micro dips after fixing QIP floor price at a discount

Fixes the floor price of Rs 75.40 per share for QIP issue, which opened yesterday

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SI Reporter Mumbai
Last Updated : Jan 24 2013 | 2:11 AM IST

SKS Microfinance has dipped 10% to Rs 82, declining over 12% from day’s high, after the company said it has fixed the floor price of Rs 75.40 per share for qualified institutional placements (QIP) which opened yesterday.

“The board of directors of Microfinance Company has decided to open a QIP issue by way of issue of equity shares on July 12. The board has fixed the floor price of  Rs 75.40 per equity share as per the pricing formula of Sebi,” SKS Microfinance said in a filing.

The board has also approved a preferential allotment of 4.45 million equity shares to Kumaon Investment Holdings, a foreign institutional investor and a 100% subsidiary of WestBridge Ventures Il, LLC, a promoter of the company, at  issue price of Rs 75.40 per share subject to approval of shareholders.

Meanwhile, the company said it expects to incur an operational loss of Rs 30 crore to Rs 50 crore or even higher in Q1 June 2012.

A combined 1.9 million shares have changed hands on the counter in morning deals on both the exchanges.

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First Published: Jul 13 2012 | 9:43 AM IST

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