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Stocks

IDFC Mutual Fund reduces stake in SKS Microfinance from 3.3% to 2.5%

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SKS Microfinance Limited (SKS) is a non-banking finance company (NBFC), regulated by the Reserve Bank of India. It was founded in 1997 by Vikram Akula.

The Company is engaged primarily in providing microfinance services to women in the rural areas of India who are enrolled as members and organized as Joint Liability Groups (JLG).  The Company’s products are categorized into proprietary products and distributor products which include; Income Generation Loans (IGL) – Aarambh, Mid-Term Loan (MTL) – Vriddhi, Long Term Loan (LTL), Solar Loan, Mobile Loans, Housing Loans, Swarna – pushpam Gold Loan, and Life Insurance. In addition to the core business of providing micro-credit, the Company uses its distribution channel to provide certain other financial products and services to the members.

The stock closed at Rs. 618.20/- i.e. down 2.09 %. The stock touched its 52-week high of Rs. 642.00/- yesterday.

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IDFC Mutual Fund which held 4,230,500 shares representing 3.32% sold 1,077,000 shares or 0.85%. With this its new reduced stake stands at 3,153,500 shares or 2.48%.

IDFC Mutual Fund Holding in SKS Micronance May 2016

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