Magma Fincorp to execute preferential issue worth Rs3456cr to Rising Sun Holdings after bagging RBI approval

The company in March had approved Preferential Allotment of up to Rs3456cr by way of issuing 49,37,14,286 equity shares of face value Rs2 each of the company at an issue price of Rs70.

Apr 28, 2021 11:04 IST India Infoline News Service

Magma Fincorp Limited informed the exchanges that it shall now lead to the consummation of the transaction regarding the preferential issue of 49,37,14,286 equity shares of the face value of Rs2 each after getting RBI approval towards change in control and change in management of the company.

The company in March had approved Preferential Allotment of up to Rs3456cr by way of issuing 49,37,14,286 equity shares of face value Rs2 each of the company at an issue price of Rs70/-, to Rising Sun Holdings Private Limited, Sanjay Chamria and Mayank Poddar.
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“The company has received all the necessary statutory and regulatory approvals, towards change in control and change in management of the company from the Reserve Bank of India- NBFC Division, including receipt of approval from the Reserve Bank of India, Housing Finance Division, today, which shall now lead to consummation of the transaction,” company said in a regulatory filing on Tuesday.

Magma Fincorp Ltd was trading at Rs118.40 per piece up by Rs1.15 or 0.98% on the BSE at around 11.10 am.

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