George Soros the owner of the fund Quantum (M) has found out the chances of making money by giving them in the hands of poverty stricken Indian women. Last Tuesday Quantum (M) had infused around twenty six crores of rupees to acquire a small stake in a company called SKS Microfinance which gives small amount of loans solely to poverty ridden women who reside in remote rural areas.     

SKS Microfinance’s IPO has eighteen anchor investors with Soros Quantum being one of them. It is closing on the 2nd of August. There are global financial giants amongst the investors in the likes of JP Morgan, Goldman Sachs, Morgan Stanley and Fidelity. There are domestic funds houses like Birla Sun life and Reliance who are investors in SKS microfinance’s IPO. Thirty lacs of shares had been bought by the investors jointly infusing an amount of three hundred crores of rupees.    

SKS Microfinance has plans to raise a sum of over sixteen hundred crores of rupees through their IPO. According to Vikram Akula, Chairman of SKS, both global and domestic investors through investing have proved that financial institutions are ready to put money in the hands of poor women.     

SKS Microfinance is backed by George Soros and Sequoia Capital raised a sum of sixteen decimal three billion rupees in their initial public offering. It has gained in six consecutive quarters by key equity index.   

Shares of this company will be offered from twenty eighth of July at eight fifty to nine eighty five rupees per share. Retail buyers will get a discount of fifty rupees. The IPO is being managed by Credit Suisse Group AG, Kotak Mahindra Capital Co. and Citigroup Inc. The company, according to statement given in the month of March, has plans to raise two hundred and fifty million dollars.