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January 31, 2006 |
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Small Industries Development Bank of India (SIDBI) makes first
microfinance equity investment in SKS
Hyderabad � On January 31, 2006,
SIDBI made their first equity investment in a microfinance
institution by presenting two SKS clients, Rathnamma and Balamanni
from Kothulapur Village in Medak District, with a check for $113,095
(Rs. 50,00,000), half the total investment amount of $226,192 (Rs.
1,00,00,000) corresponding to a 7% stake in SKS. This is the first
of its kind investment for SIDBI, who has long been a supporter of
microfinance through loans and capacity building but never through
direct equity investment.
�This is a landmark event for the entire microfinance industry in
India,� said SKS Chief Accountant, P V Kalyanachakrawarthy. �It
signifies a strong commitment by SIDBI and a level of confidence
that has yet to be seen by domestic partners. We are honored that
SIDBI chose SKS as their first equity investment and we look forward
to working with them to achieve our long-term goals.�
�Over the past four years, we have gotten to know the people and
processes at SKS and have always been impressed with their
professional management and capacity for growth,� said SIDBI General
Manager, Nageswar Rao. They lead the industry in financial
transparency and disclosure, and are exactly the type of partner we
want to build stronger relationships with.� |
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