Employees of India’s largest microfinance company SKS Microfinance have made huge profits after the company got listed last week. It is believed that atleast 20 of it’s employees have become millionaires.
Mr Appana Srikanth, assistant vice-president sold 7,500 shares at an average price of Rs 1,123, netting him Rs 84 lakh. Mamta Bharadwaj, another senior official, sold 6,500 shares for nearly Rs 72 lakh. Mr Pingali Seshagiri, assistant vice-president sold 2000 shares out of the 20,000 that he owns. Mr Vinod kumar,assistant vice-president sold 1000 equity shares on August 16, 2010 and sold 650 equity shares on August 17, 2010.When SKS Microfinance converted into a non banking finance company(NBFC), many senior employees were rewarded with stock options. These stock options were initially priced at Rs 10 and later on at Rs 70.The figure at which stock options were given slowly increased over a period of time and the last lot of shares allotted to employees was at Rs 626 apiece.
Till today, disclosures indicate that SKS Microfinance employees have cumulatively sold at least 52,000 shares for around Rs 6 crore.To know more about the employees who have sold shares in SKS Microfinance – visit the NSE Website at the link below