HYDERABAD: Crisis at SKS Microfinance Ltd took a dramatic turn on Tuesday with two investors - the high profile George Soros-led Quantum (M) Ltd and ICP Holdings I - offloading a majority stake.The move comes at a time when the company is caught in the eye of a turbulent storm that hit the sector last October.Adding to this is the speculation over the imminent exit of promoter Vikram Akula as its chairman reportedly due to pressure from the board and investors.As of June, 2011 Quantum M held 4.16 per cent in SKS while ICP Holdings had 1.11 per cent stake.However, both entities seem to have either exited partially or fully from the ailing micro finance company during the recently concluded July-Sep quarter of the current financial year.As per the company’s latest shareholding pattern on BSE, both Quantum and ICP do not figure in the list of investors holding more than one per cent.When contacted, company sources said both investors have partially exited but continue to hold a nominal stake in SKS.Another financial institution Genesis Indian Investment Company reduced its exposure in SKS from 3.79 per cent as on June, 2011 to 3.21 per cent during the quarter ended September, 2011.“There are no signs of revival for the sector in AP, the country’s biggest market.Besides, there are operational issues among the management and board.One shouldn’t be surprised if more investors take the exit route,” an industry analyst told Express.Prior to this, SmallCap World Fund, which had about 2.3 per cent in SKS as of March, 2011 offloaded a majority stake.According to SKS, it currently holds less than one per cent.Quantum, the billionaire investor’s hedge fund, was one of the 18 anchor investors in SKS’ IPO and first picked up about 3 lakh shares in July, 2010 for about `19.08 crore at roughly `636 per share.Subsequently, it increased its exposure to 4.16 per cent.It’s unclear if the hedge fund exited partially or offloaded its entire stake from the firm.SKS officials weren’t immediately available for comment.
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