SKS to raise $203 mln via share sale; posts Q1 loss

SKS Microfinance, the country's largest and only listed microfinance company, said on Tuesday its board has approved raising up to 9 billion rupees ($202.7 million) through share sale to institutions.

SKS Microfinance, the country's largest and only listed microfinance company, said on Tuesday its board has approved raising up to 9 billion rupees ($202.7 million) through share sale to institutions.

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The micro lender also said it had a net loss of 2.19 billion rupees in the June-quarter compared with net profit of 666.9 million a year ago.

Income from operations during the period nearly halved to 1.5 billion rupees, it said.

It had reported a net loss of about 698 million rupees in the quarter-ended March.

Ahead of the announcement, its shares fell 1.89 percent to 522.25 rupees in a weak Mumbai market.