SKS Microfinance – Sequoia becomes promoter to file DRHP within a month

SKS Microfinance

Private equity firm Sequoia Capital is set to become a promoter of the country’s largest microfinance institution, SKS Microfinance Ltd.Sequoia, which currently owns 24% in SKS, will lead three other venture capital firms in the move. This is the first time in India that venture capital investors are becoming promoters of a company that is going in for a public offer.

Vikram Akula, who holds a 6% stake in the firm, failed to satisfy the Securities and Exchange Board of India’s (Sebi) norms for a promoter of a company making an IPO.

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