Microfinance News Synopsis: Basix promoters to buy back 7% stake in microfinance arm

Microfinance Focus, July 10, 2010: Microfinance News Synopsis brings a compilation of industry headlines broadcasted by other news media from across the world.

Basix promoters to buy back 7% stake in microfinance arm: The promoters of Bharatiya Samruddhi Finance Ltd (BSFL), the microfinance arm of Basix Group, will be buying back about 7 per cent stake (worth over Rs 84 crore) from other stakeholders. “We are doing this as we wish to have a control over the business and to continue our own source of capital,” Mr Sajeev Viswanathan, Chief Executive Officer, BSFL, told Business Line. With this, the stake of Basix will go up from 23 per cent at present to 30 per cent. “If we include 10 per cent stake given to our employees as stock options, it would go up to 40 per cent,” he said. The stake would be bought from ICICI, International Finance Corporation, and Shorecap International Ltd. ICICI is likely to exit from the company by selling its 2.8 per cent stake while the others might sell part of their stake [Hindu Business Line]

Eko India Financial collaborates with VeriSign: The alliance would enable the unbanked population of the country do banking transactions securely by using even low-end and low-cost mobile phones. Eko India Financial Services limited, India’s leading end-to-end Financial Inclusion services provider for unbanked rural markets announced a strategic collaboration with VeriSign, a trusted provider of Internet infrastructure services for the networked world. This alliance with VeriSign is a part of Eko’s mission to promote financial inclusion and to provide an easy way to send money home using a simple interface and secure access, ensuring the highest levels of customer care and satisfaction. The alliance would enable the unbanked population of the country do banking transactions securely by using even low-end and low-cost mobile phones [IIFL]

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