The promoters of Bharatiya Samruddhi Finance Ltd (BSFL) which is the microfinance arm of the Basix Group, have decided to buy back upto 7 per cent stake from other share holders.The cost of buying this stake is estimated to come upto around Rs 85 crores.
Speaking to the media Mr Sajeev Viswanathan, Chief Executive Officer, BSFL said that this decision was taken with the motive of having a control over the business. With this, the stake of Basix will go up from the current 23 per cent to 30 per cent. Employees stock options constitute a further 10% of BFSL and if this added to the stake of the promoters it would go up to 40 per cent.
The stake could be bought from ICICI, International Finance Corporation, and Shorecap International Ltd.ICICI is expected to completely exit the company by selling its remainging 2.8 per cent stake while the others might sell a partial stake.
After the buy-back, the other major shareholders of BSFL will be as follows
Matrix Partners Investments India LLC with 16.99 per cent
International Finance Corporation with 11.74 per cent
Lok Capital LLC with 7.63 per
Small Industries Development Bank of India with 7.34 per cent
BFSL in fast expansion mode
BSFL is planning a major expansion drive and currently has an outstanding loan portfolio of Rs 1,300 crore which would grow to Rs 2,500 crore by the end of current financial year.
BSFL also plans to double the number of clients.Currently BFSL has one million clients and more than 2.2 million micro insurance clients.Other than this it also has half a million agri-clients.