Company History - Bharat Financial Inclusion
The Company was incorporated as SKS Microfinance Private Limited, on
September 22, 2003 under
the Companies Act, 1956. The Registered Office of the Company is
situated at Ashoka Raghupathi
Chambers, D No. 1-10-60 to 62, Opposite to Shoppers Stop, Begumpet,
Hyderabad 500 016, Andhra
Pradesh. The Company had obtained a certificate of registration from
the RBI on January 20, 2005 to
commence the business of a non-banking financial institution without
accepting public deposits. With
effect from September 1, 2005, the Company acquired business
operations, assets and loan portfolio
from SKS Society that was structured as a NGO and was engaged in
microfinance.
The name of the Company was changed from SKS Microfinance
Private Limited to SKS
Microfinance Limited pursuant to a resolution of our shareholders
passed at an EGM held on May 2,
2009 and fresh certificate of incorporation bearing CIN
number U65999AP2003PLC041732 was
issued on May 20, 2009. Subsequently, a fresh certificate of
registration dated June 3, 2009 was
obtained from RBI for carrying on the business of non-banking
financial institution without accepting
public deposits.
The Company is the largest MFI in India in terms of total
value of loans outstanding, number of
borrowers and number of branches, according to the October 2009
CRISIL report titled India Top 50
Microfinance Institutions, or the CRISIL Report. The Company is
engaged in providing microfinance
services to women in the lower income segment predominantly
located in rural areas in India.
Key Events and Milestones
Date
Details
September 22, 2003
Incorporation of SKS Microfinance Private Limited
January 20, 2005
Registration with RBI in the name of SKS Microfinance Private
Limited to
carry on the business as a non-banking financial institution
without accepting
deposits
September 1, 2005
Transfer of all assets and properties, pursuant to a MoU including
the existing
loans and receivables in relation to micro finance
activities, to the Company
from SKS Society
January 31, 2006
Entered into a Subscription cum Shareholders Agreement dated
January 31,
2006 with SIDBI for allotment of 1,000,000 Equity Shares.
March 24, 2006
Issue of Equity Shares pursuant to equity investments by the
following:
(i) Unitus Equity Fund LLP - 2,099,040 Equity Shares;
(ii) Mr. Vinod Khosla - 2,099,040 Equity Shares; and
(iii) The Ravi and Pratibha Reddy Foundation - 1,033,920Equity
Shares.
February 28, 2007 The
membership of the Company crosses 500,000 in more than 250 branches
across 11 states.
March 29, 2007
Issue of Equity Shares pursuant to equity investments by the
following:
(i) MUC - 1,319,069 Equity Shares;
(ii) Mr. Vinod Khosla - 1,319,069 Equity Shares;
(iii) Kismet Microfinance - 1,319,069 Equity Shares;
(iv) Odyssey Capital Private Limited - 894,064 Equity Shares;
and
(v) SCI II - 5,430,468 Equity Shares.
September 30, 2007 The
membership of the Company crosses 1,000,000 in more than 500
branches across 15 states.
December 14, 2007
Social and Corporate Governance Award issued by BSE and
Nasscom
Foundation for Best Corporate Social Responsibility Practice
December 27, 2007 Issue
of Equity Shares pursuant to equity investments by the following:
(i) SIDBI - 807,461 Equity Shares;
(ii) Yatish Trading - 962,050 Equity Shares;
(iii) Infocom Ventures - 283,020 Equity Shares;
(iv) Mr. Vinod Khosla - 820,757 Equity Shares;
(v) MUC - 2,274,020 Equity Shares;
(vi) SCI II - 2,847,013 Equity Shares;
(vii) Kismet Microfinance - 3,678,027 Equity Shares;
(viii) Columbia Pacific Opportunity - 275,944 Equity Shares;
(ix) SCIGI I - 2,996,396;
(x) SVB India Capital Partners I, L.P - 275,944 Equity
Shares; and
(xi) Tejas Ventures - 1,760,552 Equity Shares.
May 6, 2008
Certification bearing number 17998/08/S received from IQ Net that the
quality
management system of the Company is in compliance with the
standard ISO
9001:2000 in relation to the conducting of internal
audits as per the policies
and applicable standards.
July 31, 2008
The membership of the Company crosses 2,500,000 in more than
1,100
branches across 15 states.
October 20, 2008
Issue of Equity Shares pursuant to equity investments by the
following:
(i) SIP I - 2,085,448 Equity Shares and 6,256,344 Preference
Shares
(ii) Kismet SKS II - 885,044 Equity Shares and 2,655,131
Preference Shares
(iii) ICP Holdings I - 81,383 Equity Shares and 244,150
Preference Shares
February 27, 2009
Issue of 2,500 10.5% secured redeemable NCD of face value of Rs.
100,000
each aggregating to Rs. 250 million to Yes Bank
Limited on a private
placement basis.
April 23, 2009
Issue of 750 10.0% secured redeemable NCD of face value of Rs.
1,000,000
each aggregating to Rs. 750 million to Standard Chartered
Bank on a private
placement basis. The said debentures have been listed on BSE
pursuant to the
listing agreement dated April 24, 2009.
April 30, 2009
The membership of the Company crosses 4,000,000 in more than
1,400
branches across 18 states.
May 20, 2009
Fresh certificate of incorporation consequent to the change of
the name on
conversion to a public limited company pursuant to a
resolution of its
shareholders dated May 2, 2009
June 3, 2009
Registration with the RBI in the name of SKS Microfinance Limited to
carry
on the business of non-banking financial institutions
without accepting
deposits pursuant to the change in the name of the Company on
conversion to
a public limited company.
August 31, 2009
The membership of the Company crosses 5,000,000 in more than
1,600
branches across 19 states.
November 24, 2009
Religare Asset Management Company Limited has subscribed to
commercial
papers issued by the Company for value of Rs. 250 million
having a discount
rate of 8.10% per annum
November 10, 2009
Yes Bank Limited has subscribed to commercial papers issued
by the
Company for value of Rs. 1,000 million having a discount
rate of 8.00% per
annum
December 9, 2009
Issue of 500 NCD of Rs. 1,000,000 each aggregating to Rs. 500
million to
BALICL at a coupon rate of 9.25% per annum
December 23, 2009
Issue of 500 NCD of Rs. 1,000,000 each aggregating to Rs. 500 million
to Yes
Bank Limited at a coupon rate of 8.30% per annum. The
said debentures have
been listed on BSE pursuant to the listing
agreement dated December 29,
2009.
December 30, 2009
Tata Capital Limited has subscribed to commercial papers
issued by the
Company for value of Rs. 200 million having a
discount rate of 8.10% per
annum
January 11, 2010
Sanction by State Bank of India of Rs. 350 million towards term loans
and Rs.
650 million towards cash credit for on lending purpose.
January 12, 2010
Availing of microfinance corporate loan facility from HDFC
for Rs. 100
million to provide financial assistance for
undertaking housing finance
activities
January 18, 2010
Agreement with HDFC on Technology license and service usage
for
undertaking housing finance activities.
January 19, 2010
Issue of 937,770 Equity Shares pursuant to equity investments by
Catamaran
February 3, 2010
Tie up with State Bank of India, State Bank of Hyderabad and State
Bank of
Mysore for online integration of 585 branch bank
accounts of the Company
through CMS
February 4, 2010
Religare Asset Management Company Limited subscribed to
commercial
papers issued by the Company for value of Rs. 250 million
having a discount
rate of 6.6% per annum.
February 10, 2010
MOU with FAL for purchase of supplies by kirana stores on a wholesale
basis
located in and around New Delhi
March 8, 2010
Sanction of Tier-II unsecured subordinated debt of Rs. 1,000 million
by SIDBI
for a tenure of eight years
July 2, 2010
CRSIL has assigned MFI grading of mfR1 to the Company
indicating the
ability of a microfinance institution to conduct its
operations in a scalable and
sustainable manner. The grading is assigned on an
eight point scale, with
mfR1 being the highest grading and mfR8, the lowest.
2011
-SKS Microfinance announces three-pronged strategy to reinvent
Microfinance
-SKS has announced slashing of interest rates to 24.55% Per annum for
all categories of the small investors.
2012
-SKS Microfinance Limited completes the largest MFI rated pool
assignment transaction
-SKS Microfin - SKS Microfinance Limited completes Rs. 54.48 crore
securitization
2013
-KS Microfinance Limited completes Rs. 321 crore securitization
transaction.
-SKS Microfinance Limited completes two highest rated A1+(SO)
securitization transactions worth Rs. 390 crore.
2014
- SKS Microfinance completes securitization worth Rs 316 cr
2016
-The Company has been changed from 'SKS Microfinance Limited' to
'Bharat Financial Inclusion Limited'.
2017
-Bharat Financial launches instant microloan facility.
-Bharat Financial Approves Merger with IndusInd bank .
-Bharat Fin Clicks on e-kirana Project to Raise Efficiency.
