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Friday, January 31, 2014

SKS Microfinance completes securitisation deal of Rs 55.56 crore

SKS Microfinance, India's only listed micro-lender, today said it completed a securitisation deal of Rs 55.56 crore though a private sector bank.

SKS said in a statement this is the fifth micro-finance securitisation deal that the company has completed during the current financial. With this, the total securitisation during FY'14 (YTD) stood at Rs 727.37 crore.

The previous four substantial securitisation were Rs 321 crore (on September 30), Rs 80.81 crore (on December 11), Rs 215 crore (on December 19) and Rs 55 crore (on December 30), SKS said.

"SKS Microfinance Limited has downloaded the receivables from micro loans extended to more than 60,000 rural women entrepreneurs to a Special Purpose Vehicle, and Pass Through Certificates ( PTCs) have been purchased by a private sector bank," it said.

The entire pool qualifies for priority sector treatment as per RBI's guidelines, it further said. The pool is rated A1 + (SO) by a leading rating agency signifying "a very strong degree of safety regarding timely servicing of financial obligation," it added.

Source: Economic Times


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