Magma Fincorp to raise Rs.500 crore

The Board of Directors of Magma Fincorp Ltd at its meeting held on January 17, 2013, has authorized raising funds/ resources in one or more tranches up to an aggregate of Rs. 500 crore (Rupees Five Hundred Crores only) by issuance of eligible securities under Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009 subject however to the approval of the Shareholders and such other approvals as may be required. The Board has also constituted a Committee of Directors to deal with all the matters connected thereto.

The Magma Fincorp Ltd stock closed the day at Rs.95.90, down by Rs.2.55 or 2.59%. The stock hit an intraday high of Rs.100.55 and low of Rs.94.

The total traded quantity was 0.27 lakhs compared to 2 week average of 0.94 lakhs.

Source : Equity Bulls

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