India's SKS raises $64 mln from anchor investors

Jul 2010
Mumbai, India, July, 28 2010 - India's SKS Microfinance Ltd said on Tuesday it had secured about 3 billion rupees ($64 million) by allocating shares to anchor investors as part of an initial public offering to raise as much as $353 million.

The company, which makes small loans to the poor, allocated 3.02 million shares to 36 cornerstone investors at 985 rupees per share, the top end of the indicative price band of 850-985 rupees a piece for the public offering.

The anchor investors included the fund management arms of JP Morgan (JPM.N), Morgan Stanley (MS.N), William Blair, Goldman Sachs (GS.N), ICICI Prudential, BNP Paribas, Nomura and Reliance Capital, SKS Microfinance said in a stock exchange filing.

The IPO, one of only a handful by microfinance institutions around the world and a first in India, will open on Wednesday and close on Aug. 2.

Citigroup (C.N), Kotak Mahindra (KTKM.BO) and Credit Suisse (CSGN.VX) are the arrangers for the offering. ($1=46.7 rupees) (Reporting by Sumeet Chatterjee, editing by Will Waterman)

Source : Reuters

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