SKS Micro to raise Rs 54.48 cr

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.