Hotline: 1800 102 2007
Hotline: 1800 102 2007
Search Business Opportunities
2010-10-06

SKS Microfinance sacks CEO Suresh Gurumani

SKS Microfinance, India's largest micro-lender came up with a surprise decision to terminate the powers and services of MD and CEO, Suresh Gurumani with immediate effect. The company has named Deputy

SKS Microfinance sacks CEO Suresh Gurumani

SKS Microfinance, India's largest micro-lender came up with a surprise decision to terminate the powers and services of MD and CEO, Suresh Gurumani with immediate effect. The company has named Deputy CEO M.R. Rao as the new CEO for three years of the money lending institution.

The sudden decision had a strong impact on the SKS stock on the BSE, it saw a fall of close to 6% at Rs 1,277, with the intra-day low at Rs 1,235. The company had raised about Rs 1,650 crore in an initial public offer in August this year and became the first microfinance company in the country to list its shares on the bourses.

Earlier, Suresh Gurumani had joined SKS Microfinance in December 2008 from Barclays. He also had the experience of working with the Indiabulls group and Standard Chartered Bank.

SKS has nearly 7 million clients and has distributed around $3 billion in total. SKS counts US billionaire George Soros, venture capitalist Vinod Khosla and Infosys founder NR Narayana Murthy among its investors. The country’s micro lending firm was set up as a nonprofit organization in 1998 by Dr. Vikram Akula and converted the organization to a profit making body in 2005. 

Related opportunities
  • About Us:  The Dewan School, true to its Motto, has grown..
    Locations looking for expansion Uttar pradesh
    Establishment year 2010
    Franchising Launch Date 2019
    Investment size Rs. 2lac - 5lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Meerut Uttar pradesh
  • Cosmetics & Beauty Product Stores
    About Us: Started in 2004, Everyday Herbal Beauty Care, promoted &..
    Locations looking for expansion Gujarat
    Establishment year 2004
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 250
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Ahmedabad Gujarat
  • Beauty Salons
    About Us: Multi-award winning hairdressing brand with more than 50 years..
    Locations looking for expansion Haryana
    Establishment year 2012
    Franchising Launch Date 2012
    Investment size Rs. 50lac - 1 Cr.
    Space required 1000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • Preschools
    About Us: Start your own preschool by becoming Brainy Bear franchisee...Explore..
    Locations looking for expansion Madhya Pradesh
    Establishment year 2014
    Franchising Launch Date 2015
    Investment size Rs. 10000 - 50000
    Space required 3000 sqft
    Franchise Outlets 100-200
    Franchise Type Unit, Multiunit
    Headquater Bhopal Madhya Pradesh
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities

Free Advice - Ask Our Experts

pincode
ads ads ads ads