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| Sequoia to be promoter of SKS Microfinance |
| BS Reporter / Mumbai Mar 11, 2010, 00:48 IST |
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Private equity firm Sequoia Capital is set to become a promoter of the country’s largest microfinance institution, SKS Microfinance Ltd.
SKS, where Sequoia Capital holds 24 per cent stake, will hit the stock market in the first quarter of the next financial year, according to sources familiar with the developments.
Sequoia Capital Managing Director Sumir Chadha declined to comment. “We will declare the structure once the company files for initial public offer,” Chadha said.
There are eight other institutional promoters in SKS, with CEO Suresh Gurumani holding a minority stake of less than 5 per cent. Among the larger shareholders, while Kismet Capital Advisors has 17 per cent stake, Sandstone Capital and SKS Trust for the Benefit of Women Entrepreneurs hold 12 per cent and 15 per cent, respectively.
In the year ended March 2009, SKS made a profit of Rs 80.2 crore, while in the first half of the 2010 financial year, it earned Rs 55.6 crore.
The company was founded by Vikram Akula, who has been named as one of the world’s most influential people by Time Magazine.
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