SKS Microfinance rose 3.66% to Rs 206.65 at 10:40 IST on BSE after the company said it has completed a securitization transaction worth Rs 80.30 crore during the current financial year.
The announcement was made before market hours today, 12 March 2014.
Meanwhile, the S&P BSE Sensex was up 110.12 points or 0.5% at 21,936.54.
On BSE, so far 1.23 lakh shares were traded in the counter as against average daily volume of 3.74 lakh shares in the past two weeks.
The stock hit a high of Rs 207 and a low of Rs 200.30 so far during the day. The stock had hit a 52-week high of Rs 213.60 on 7 March 2014. The stock had hit a 52-week low of Rs 95.60 on 24 May 2013.
SKS Microfinance (SKS) said that with the latest securitization transaction, the total sum of securitizations completed for FY 2014 (YTD) is Rs 1351.21 crore.
SKS said it has downloaded the receivables from micro loans extended to 87,500 rural women entrepreneurs to a Special Purpose Vehicle (SPV), and Pass Through Certificates (PTCs) have been purchased by a leading private sector bank. The entire pool comprises receivables from women entrepreneurs belonging to weaker sections, and qualifies for priority sector treatment as per RBI's priority sector lending guidelines, SKS said in a statement.
The pool is rated AA (SO) by a leading rating agency signifying a 'high degree of safety regarding timely servicing of financial obligations', SKS said. Such instruments carry a very low credit risk, it added.
SKS said that the pool is structured with geographical diversity and comprises receivables from 10 non-Andhra Pradesh states. It has been subjected to a seasoning of three months, the company said in a statement.
SKS Microfinance's net profit galloped 1763.5% to Rs 21.43 crore on 54.8% growth in total income to Rs 139.66 crore in Q3 December 2013 over Q3 December 2012.
SKS Microfinance is a non banking financial company - micro finance institution (NBFC-MFI), registered and regulated by the RBI, whose mission is to provide financial services to low-income households. SKS operates across 15 states of India. They include: Andhra Pradesh, Karnataka, Maharashtra, Odisha, Madhya Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttaranchal, Haryana, West Bengal, Jharkhand, Chhattisgarh, Kerala and Punjab.
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