The Board of Directors of Magma Fincorp Ltd at their meeting held on 31 January 2020 has approved an investment up to a sum of Rs. 100 Crores (Rupees One Hundred Crore Only) in the Equity Share Capital of Magma Housing Finance Limited, Wholly Owned Subsidiary (MHFL), to augment the subsidiary's lending business.
The Management Committee of the Board which has been authorized in this regard at its meeting held today had approved subscription to 17,727,353 Equity shares of MHFL on right Issue basis at a price of Rs. 56.41 each (including premium of Rs. 46.41/- each) aggregating to Rs. 99,99,99,982.73/- (Rupees Ninety Nine Crores Ninety Nine Lakhs Ninety Nine Thousand Nine Hundred Eighty Two and Seventy Three paise only). Pursuant to said subscription MHFL continues to be the Wholly Owned Subsidiary of the Company.
Shares of MAGMA FINCORP LTD. was last trading in BSE at Rs.19.85 as compared to the previous close of Rs. 19.85. The total number of shares traded during the day was 29703 in over 774 trades.
The stock hit an intraday high of Rs. 20.8 and intraday low of 19.4. The net turnover during the day was Rs. 603429.