Magma Fincorp Ltd allots 49,37,14,286 Equity shares

Magma Fincorp Ltd has received all the necessary statutory and regulatory approvals, towards change in control and change in management of the Company which has led to consummation of the Preferential Issue, we wish to inform you that the Board of directors of the Company, through resolution by circulation, passed on 6 May 2021 has considered and approved the allotment of 49,37,14,286 Equity shares of face value Rs. 2 (Rupees Two only) each of the Company at an issue price of Rs. 70/- per equity share aggregating to Rs. 3456 crores by way of preferential allotment.

Rising Sun Holdings Private Limited (RSHPL) - Company - 45,80,00,000 shares
Mr. Sanjay Chamria - Individual - 1,78,57,143 shares
Mr. Mayank Poddar - Individual - 1,78,57,143 shares

Pursuant to the said allotment, RSHPL is the largest shareholder of the Company and upon completion of the on-going open offer, shall exercise control in the Company, and will be classified as a 'Promoter' of the Company.

Shares of MAGMA FINCORP LTD. was last trading in BSE at Rs.134.25 as compared to the previous close of Rs. 127.9. The total number of shares traded during the day was 1665397 in over 4952 trades.

The stock hit an intraday high of Rs. 134.25 and intraday low of 129.05. The net turnover during the day was Rs. 223217994.

Source : Equity Bulls

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