News Column

SKS Trust Offloads Stake In SKS MF; Amansa, Others Buy

May 26, 2014

The recently de-promoterised SKS Trust has sold 7.58% stake in @SKS_Microfinance for a consideration of R182.62 Cr in the open market. The shares were bought by Amansa Capital Pte Ltd, Route One Fund I LP.

The company's Mutual Benefit Trusts include SKS Mutual Benefit Trust Medak, Sangareddy, Jogipet, Narayankhed and Sadasivapet.

Summary of the transaction

The other major shareholders in the company include during the same period include Sandstone Investment Partners (7.71%), Merrill Lynch (5.65%), Crown Capital (4.95%), CLSA (3.82%), Credit Suisse (1.47%).

The trust held 12.5% stake in the microfinancer at the end of FY14 and had decided decided to end its difference with the senior managers and some shareholders by selling its holding.

SKS had decided to start its new journey into the financial inclusion space picked up 70% stake in Outreach Financial Services India (OFS India), a startup focusing on the model of business correspondents partnering with banks to build, manage and service self-help groups on leading Indian lenders' behalf.

Apart from SKS Trust others who who ceased to be classified as promoters of the firm were Mauritius Unitus Corp, Sequoia Capital India Growth Investments.

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Source: DealCurry (India)

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