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Sunday, March 14, 2010

Sequoia Cap to turn promoter of SKS Microfinance

Venture capital fund, Sequoia Capital India is set to become a promoter of India's largest microfinance institution, SKS Microfinance, reports CNBC-TV18, quoting Mint.

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.

Sandstone Capital, with a 12% stake, and Kismet Capital Advisors, with a 17% stake, are the other two investors. The third will be SKS Trust for the benefit of women entrepreneurs, with a 15% stake.

The move comes even as SKS Microfinance gears up to tap the capital markets with an initial public offering.

The four venture capital firms will replace SKS founder Vikram Akulaas as the promoter.

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