SKS Microfinance surges as WestBridge plans to hike stake

WestBridge propose to buy 1.6 million equity shares or 1.48% stake in the company at price of Rs 140 per share.

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SI Reporter Mumbai
Last Updated : Sep 10 2013 | 2:10 PM IST
SKS Microfinance has surged 13% to Rs 146 after WestBridge Ventures Il, LLC, one of the promoters of the company, propose to acquire 1.48% stake for Rs 22.40 crore from other promoter.

“WestBridge Ventures II, LLC has propose to buy 1.6 million equity shares representing 1.48% stake in the company at price of Rs 140 per share on September 17, 2013,” SKS Microfinance said in a regulatory filing.

Mauritius Unitus Corporation will sell its entire 1.48% holdings in the India’s only publicly traded micro lender, the data shows.
Post acquisition, WestBridge Ventures II, LLC stake in the company would increase to 4.33% from 2.85% earlier.

Last week, SKS Trust Advisors Pvt. Ltd, also one of the promoters, had bought an additional 2.69% in the company on the stock exchanges.

SKS Trust acquired 1.02 million shares in the name of SKS Mutual Benefit Trust Medak at a price of Rs 130.80 per share on September 3, according to a company filing to the stock exchanges.

The stock opened at Rs 131 and hit a high of Rs 147 on NSE. A combined around 844,000 shares change hands on the counter till 1404 hours in NSE and BSE.
 

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First Published: Sep 10 2013 | 2:04 PM IST

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