SKS Microfinance plans to raise up to R400 crore as fresh capital in FY15, the microfinance company said on Wednesday. The proposed capital will fund growth opportunities of the company, which had a net worth of R432 crore and a capital adequacy of 28.1% as of December.
The company board has also decided to realign its top structure to optimally spend management bandwidth.
“The proposed capital will be raised through a single-tranche operation, which could be via both qualified institutional placement (QIP) and a preferential issue in FY15,” S Dilli Raj, CFO, told FE.
The board of directors also approved an enabling resolution as it sets out to create SKS Microfinance 3.0 to tap into newer growth opportunities. SKS Microfinance 3.0 plans to address the growing demand among its customers for an entire range of products and services, including insurance, mobile loans, loans for solar lights, etc, in addition to micro credit, which will remain the company’s core business.