SKS Microfinance has locked in 5% upper circuit of Rs 118 on back of heavy volumes after the company said that it breaks ground with Rs 200 crore securitization transaction post the issuance of revised Reserve Bank of India (RBI) securitization guidelines.
“The company announced the first substantial microfinance securitisation of Rs 200 crore post the issuance of revised securitisation guidelines for non-banking finance companies by RBI on August 21, 2012, stipulating minimum holding period (MHP) of three months and minimum retention requirement (MRR) of 5%,” SKS Microfinance said in a statement.
"The present transaction generates liquidity of Rs 200 crore for SKS Microfinance and also brings in the concomitant capital relief,” said S. Dilli Raj, chief financial officer, SKS Microfinance.
The stock opened at Rs 114 and hit a low of Rs 113 on the BSE. As many as a combined 2.79 million shares have already changed hands on the counter against an average 449,163 shares that were traded daily in past two weeks. There are pending buy orders for 117,889 shares on both the exchanges.
