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Biksham Gujja, Chairmam of SKS Trust, says it is a straightforward request that a 12.6 percent shareholder needs to get a board seat and he fails to see the objections to it. He has not yet received any formal response on nominating Vikram Akula on the board.
SKS Microfinance is hopeful of recovering at least Rs 300 crore out of the Rs 1300 crore of loans it had written off in its Andhra Pradesh portfolio, Chief Financial Officer Dilli Raj said in an interview to CNBC-TV18 today.
Dilli Raj, CFO, SKS Microfinance, says that the company does not require capital for the next three years. Our capital adequacy is 37 percent. So we have formed a growth capital to fund the growth for the next three years.
Dilli Raj, CFO, SKS Microfinance, explains to CNBC-TV18, that the company will be in the black by the third quarter. Raj adds that the subscribers of the IPO issued by the company are primarily foreign institutional investors with some participation from domestic investors.
PH Ravikumar, interim non-executive chairman, SKS Microfinance Ltd explains to CNBC-TV18 that the tabling of the Microfinance Bill in the Budget Session of Parliament has increased hopes of recovering the amount written off in Andhra Pradesh.
Dili Raj, chief financial officer of SKS Microfinance tells CNBC-TV18 that there is a high probability of the MFI bill getting passed this time. “Once the MFI Bill is passed, it will override the AP MFI Act,” Raj says.
In an interview to CNBC-TV18, Dilli Raj, chief financial officer of SKS Microfinance says, the company will launch qualified institutional placement (QIP) by end of this fiscal. "We would like to rasie Rs 500 crore via QIP," he adds.
PH Ravikumar, non- executive chairperson - interim, SKS Microfinance says, loan securitisation is a part of ongoing fund raising exercise. He expects a qualified institutional placement (QIP) by month-end.
Country's sole listed microfinance institution (MFI), SKS Microfinance would be diversifying into new areas and has already sought board’s approval for the same.
The Reserve Bank of India (RBI) on Friday said it was introducing micro-finance institutions (MFIs) as a new category of non-banking finance companies. Calling it a step forward, PH Ravikumar, Interim Non-Executive Chairman of SKS Microfinance said the new guidelines will help repeal the Andhra Micro Finance Act.
Vikram Akula, founder of SKS Microfinance resigned from the board yesterday. PH Ravikumar, an independent director on the board of SKS India and former chief executive officer of NCDEX is taking over as the interim non-executive chairman of the only listed microfinance instiutution.
SKS Microfinance has declared its second quarter results. The company recently approved fund raising plans of up to Rs 900 crore. Dili Raj, chief financial officer of SKS Microfinance says, the capital is not for capital adequacy, but for growth.
SKS Microfinance gained 20% today after the MFI development and regulation bill which seeks to make RBI the sole overseer for the micro finance industry, overriding state laws. Dili Raj talks to CNBC-TV18 about its advantages to the company.
The microfinance sector received a huge leg up, first from the finance minister's budget speech and most recently, the RBI's acceptance of the Malegam Committee recommendations where it has re-affirmed priority sector status for microfinance.
In an interview with CNBC-TV18, Dili Raj, CFO, SKS Microfinance says, in third quarter the company was able to access Rs 400 crore. “The signal is that we would get additional funding as it is evidenced by the fact that we were able to drawdown Rs 700 crore in the month of March alone."
The microfinance industry has seen some key changes after the MFI act has been implemented in Andhra Pradesh. In an interview with CNBC-TV18, Vikram Akula, Founder of SKS Finance gives a status check on the key changes.
Vikram Akula, chairman of SKS Microfinance, told CNBC-TV18 they are glad to get some semblance of regulatory certainty from the Malegam committee recommendations. He is glad of the RBI taking charge in regulating this space.
