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Unitus Chairman Discusses SKS IPO Profits
Rajshekhar, M.
Roughly a month before the SKS Microfinance IPO, Unitus unexpectedly announced it was shutting down its non-profit operations in microcredit and laying off more than 40 employees. The decision sparked a controversy because Unitus stood to make US$70-80 million from the sale of its shares in SKS.
In an e-mail interview, Unitus chairman Joseph Grenny answers uncomfortable questions regarding the exit and clarifies that Unitus is not ceasing its non-profit operations, only shifting away from microcredit banking. Grenny mentions that all the money coming to Unitus and its board members will go to non-profit, poverty-alleviation activities.
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Posted: 16 Aug 2010
Source: The Economic Times
Originally Published: 13 Aug 2010
Related Links:
Unitus Equity Fund to Receive an Estimated Return of US$70 million From SKS Investment
Microfinance Mission Accomplished? Hardly, Expert Says
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