SKS to raise FII investment limit to 74%, stock up 5%

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SKS Microfinance , India’s only listed microlender fighting a cash crunch, said on Wednesday its shareholders approved raising the investment limit of foreign institutional investors in the company to 74 percent from 24 percent.

Battered down shares in SKS rose 5 percent to Rs 98.40 following the news.

Earlier this month, SKS said it plans to raise a maximum of Rs 500 crore through a share sale to institutional investors by March 2012.

Reuters