The chief financial officer of SKS Microfinance, Mr. Dilli Raj has said that the company is planning to come out with a qualified institutional placement (QIP) by the end of this financial year.

He also said that the company is planning to raise about Rs 500 crore through the QIP. While speaking to a media channel about the QIP deal he said, "That deal is progressing well. As we said earlier, we wish to complete the transaction before the end of this financial year that is March 31, 2012."

India's only listed micro lender also said that it has securitised Rs 354 crore of receivables from 18 states excluding the southern state of Andhra Pradesh. A major public sector bank in the country carried out the securitisation. The company said in a statement. SKS did not announce the name of the bank that carried out the process.

The statement also said that the company has already decreased the first tranche of Rs 78.7 crore that include receivables from micro women borrowers from the weaker sections as per the guidelines of the central bank in India.

The shares of SKS Microfinance rose 1.64 per cent at Rs 130.40 on the Bombay Stock Exchange (BSE) this morning.