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Magma Fincorp zooms on getting nod to raise Rs 3,000 crore in FY22

08 Feb 2021 Evaluate

Magma Fincorp is currently trading at Rs. 68.95, up by 10.40 points or 17.76% from its previous closing of Rs. 58.55 on the BSE.

The scrip opened at Rs. 60.00 and has touched a high and low of Rs. 69.50 and Rs. 59.35 respectively. So far 288698 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 70.25 on 08-Feb-2020 and a 52 week low of Rs. 12.70 on 28-May-2020.

Last one week high and low of the scrip stood at Rs. 70.25 and Rs. 44.25 respectively. The current market cap of the company is Rs. 1763.30 crore.

The promoters holding in the company stood at 24.39%, while Institutions and Non-Institutions held 55.13% and 20.48% respectively.

Magma Fincorp’s board has approved raising up to Rs 3,000 crore through the issuance of debt securities in the nature of non-convertible debt securities for the financial year 2021-22. The debt securities would be in the nature of secured/unsecured, subordinated debentures, and the capital will be raised through a private placement.

The company will offer the debentures to banks, pension funds, mutual funds and other entities or individuals including but not limited to multi-lateral development organisation, institutional investors, foreign portfolio investors, companies and financial institutions. The board of directors at its meeting held on February 6, 2021 has approved the same.

Magma Fincorp is a non-deposit taking NBFC registered with the Reserve Bank of India (RBI) as an asset finance company. It started operations two decades back and is now listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

 

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