SKS completes securitisation transaction worth Rs 321 crore
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SKS completes securitisation transaction worth Rs 321 crore

Last Updated: Monday, September 30, 2013, 11:56
 
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SKS completes securitisation transaction worth Rs 321 crore
Hyderabad: SKS Microfinance Limited, India's only listed micro-lender on Monday said it has concluded a securitisation transaction for Rs 321 crore with a major public sector bank.

The transaction was rated A1+ (SO) by a leading rating agency, SKS said in a press release.

The company said the transaction is perhaps the first substantial securitisation deal in FY14 in the micro finance sector. The name of the bank was, however, not revealed.

"The present transaction generates liquidity of Rs 321 crore for SKS Microfinance Limited, and enables the company to extend micro loans to 4,75,000 rural women entrepreneurs," S Dilli Raj, Chief Financial Officer, SKS Micro finance, said.

He said this is the first securitisation deal in the current fiscal.

"Notably, 29 percent of the pool is from loans extended to women entrepreneurs from Scheduled Castes and Scheduled Tribes, 17 percent from minorities, 37 percent from Backward Castes and the remaining 17 percent from women belonging to the other castes. The entire pool thus qualifies for weaker section treatment for the bank," he added.

According to him, the transaction further corroborates the fact that securitisation is emerging as a meaningful financial inclusion tool.

SKS shares are trading at Rs 131.00 up 2.70 percent on BSE during morning trade.

PTI



First Published: Monday, September 30, 2013, 11:54


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