Magma Fincorp also said that Vijay Deshwal, a seasoned banker with a track record of over two decades, will take charge as the company s CEO from the first week of July.
Non-banking finance company Magma Fincorp Ltd (Magma) on Tuesday said its shareholders have approved the company s plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings Ltd (RSHPL) and two members from the promoter group. The members of the company approved with requisite majority the preferential issue of 49,37,14,286 equity shares to RSHPL, Sanjay Chamria and Mayank Poddar at the extraordinary general meeting (EGM) held on Tuesday (March 9), Magma said in a regulatory filing. The company, whose promoter shareholding is slated to be changed to Poonawalla group as per the deal announced earlier this year, will allot 45,80,00,000 preferential shares to RSHPL for a consideration of Rs 3,206 crore.
Magma Fincorp to raise up to Rs 3,000 crore in FY22
The debt securities would be in the nature of secured/unsecured, subordinated debentures, and the capital will be raised through a private placement
PTI | February 7, 2021 | Updated 11:54 IST
Magma Fincorp operates through more than 295 branches in 22 states and a union territory and has a strong presence in rural and semi-rural India
Magma Fincorp Ltd on Saturday said its board of directors has approved raising up to Rs 3,000 crore through debt in the next fiscal year.
The board of directors at its meeting held on Saturday has approved issuance of debt securities in the nature of non-convertible debt securities for the financial year 2021-22 for an amount up to Rs 3,000 crore, it said in a regulatory filing.