QIP’s put Bharat Financial Inclusion on cloud 9

Bharat Financial Inclusion formerly known as SKS Microfinance on September 23 closed at Rs 846, up by 4.24 per cent on an intraday basis. Shares of the company, in the last 5 days are in news and have surged over 13 per cent. In the last 6 months, shares of the company have given a return of 64 per cent making it a hot bet of the BSE 200 index.

Shares of the company, have largely rallied on the capital raising plans of the company, which it plans to initiate by launching its 750 crores Qualified Institutional Placement (QIP), which has been approved by capital raising committee of the company. Company had already taken approvals from its shareholders on July 21 for the issue and has fixed the floor price for the offer at Rs 769.95 per equity share and a discount of up to 5 percent on the floor price has been set. The scrip will be closely watched on September 26 as it continued to shine despite the Sensex losing over 100 points on September 23.