SKS Microfinance , India’s largest microfinance company, has announced that it soon going to close a Rs 60 Crore securitisation deal with a non-banking finance company (NBFC) soon. The deal is expected to close before the present FY 2010-11 ends on March 31st 2011.
This announcement is significant because it is the first such deal announced by SKS Microfinance after the turmoil the microfinance sector faced in Andhra Pradesh over the past few months and indicates that investor confidence is slowly returning to the microfinance sector in India. Speaking to sify.com, the Chief Financial Officer (CFO) of SKS Microfinance, Mr Dilli Raj said that they were also negotiating with several other banks and institutions for selling another Rs 700 crore of their loan portfolio. Mr Raj also refused to disclose with which NBFC the deal is being done.