SKS MicrofinanceLtd. plans to change its name to Bharat Financial Inclusion Ltd. toreflect its new brand and emphasize its rural network across India.
The name change is subject to relevant regulatory and corporateapprovals.
In addition, the company said May 4 that it plans to raise capitalby issuing up to 7.5 billion rupees worth of securities in one or more tranches.
SKS Microfinance also said Sumir Chadha has resigned as director,effective the same day.
As of May 5, US$1 was equivalentto 66.56 Indian rupees.