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AfricaMoney | October 20, 2017

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CLSA Mauritius sells 4.74 per cent stake in SKS Microfinance

CLSA Mauritius sells 4.74 per cent stake in SKS Microfinance

CLSA headquarters in Hong Kong (Source: ChinaFotoPress, file photo)

Local fund house CLSA Mauritius, an arm of Hong Kong-based Credit Lyonnais Securities Asia (CLSA), sold 4.74 per cent of its stake in Indian micro-lending firm SKS Microfinance for an estimated INR 698.7 million (Rs 344.18 million) on September 19.

According to the bulk deal information with the stock exchanges, Crown Capital bought 5,128,000 shares of SKS Microfinance from CLSA Mauritius.

The shares were offloaded at an average price of INR 136.25 (Rs 67.12) apiece, valuing the transaction at INR 698.7 million.

Over a year ago, in June 2012, CLSA (Mauritius) Ltd had picked up 9.15% stake totaling 94,94,771 shares in SKS Microfinance through the qualified institutional placement (QIP) route at a price of INR 75.4 (Rs 37.14) per share.

India’s only listed micro-finance lender appears to be on the road to a gradual recovery. It reported a net profit of INR 50 million (Rs 24.63 million) as against the loss of INR 390 million (Rs 192.12 million) in the same quarter a year ago, for the April-June quarter, 2013.

The company, once India’s largest micro-finance lender, had gone into a tailspin after Andhra Pradesh came up with regulations in October 2010 restricting lending and recovery.

After the announcement, shares of SKS Microfinance gained 2.06 per cent to close at INR 136.40 apiece (Rs 67.19) on India’s largest stock exchange by market capitalization, the Bombay Stock Exchange (BSE).

Source: Press Trust of India

Company Profile

Credit Lyonnais Securities Asia (CLSA)

CLSA, founded in 1986, is Asia’s leading and longest-running independent brokerage and investment group. The group is headquartered in Hong Kong and has 20 locations across 13 countries including 15 Asia-Pacific cities, plus London, Amsterdam, New York, Boston, Chicago and San Francisco. The company provides equity broking and execution services, corporate finance and asset management services to global corporate and institutional clients.

Renowned for service excellence, product innovation and award-winning market intelligence, CLSA has been an unparalleled provider of research, sales and trading since 1986. CLSA has built its reputation on its unrivalled equity research and economic analysis, which is consistently ranked the best in Asia. With exchange memberships in every developed market in Asia and the USA, together with a dedicated team of experienced sales traders, CLSA is committed to delivering the best execution.

Source: Company Website

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