SKS Microfinance to raise FII investment limit to 74%

SKS Microfinance, India's only listed microlender fighting a cash crunch, said on Wednesday its shareholders approved raising the investment limit of foreign institutional investors in the company to 74 percent from 24 percent.

Battered down shares in SKS rose 5 percent to 98.40 rupees following the news.

Earlier this month, SKS said it plans to raise a maximum of 5 billion rupees ($97.25 million) through a share sale to institutional investors by March 2012.

Source: EconomicTimes