SKS Microfinance to raise Rs 54.48 crore via securitisation deal
   
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SKS Microfinance to raise Rs 54.48 crore via securitisation deal

Last Updated: Friday, December 7, 2012, 13:09
 
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SKS Microfinance to raise Rs 54.48 crore via securitisation deal
Hyderabad: SKS Microfinance Ltd is raising Rs 54.48 crore by securitising receivables from 64,579 micro loans extended to rural women, a company statement said on Friday.

The announcement comes close on the heels of its Rs 200 crore securitisation transaction with a leading public sector bank in November 2012, the statement said.

"SKS Microfinance Ltd has downloaded the receivables from 64,579 micro loans extended to rural women entrepreneurs to a Special Purpose Vehicle, and Pass Through Certificates (PTCs) have been purchased by a non-banking entity," it said.

The present transaction indicates that it is possible to generate interest outside the banking system also for a well-originated microfinance paper, SKS Chief Financial Officer S Dilli Raj said.

"The pool is well diversified with the top three states contributing 45.38 percent and the top ten branches about 4.85 percent of the pool principal. The average loan amount is Rs 11,572," Dilli Raj said.

The pool is rated by one of the leading rating agencies, which has awarded the 'Highest Safety' rating, the statement claimed.

PTI



First Published: Friday, December 7, 2012, 13:09


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