Magma Fincorp Ltd to issue preference shares for Rs. 150 crores

The Board of Directors of Magma Fincorp Ltd at its meeting held on February 27, 2015, has authorized to issue and allot preference shares of the face value of Rs. 100/- each, for an aggregate value not exceeding Rs. 150 crore, as Cumulative Redeemable Non-convertible Preference Shares (CRNPS), for cash at par or at such premium, as the Board may deem fit, on a private placement basis in one or more tranches, for a term not exceeding 7 years, to such person or persons and in such proportion and on such terms and conditions as may be determined and deemed appropriate, subject however to the approval of the Shareholders and has also authorised Committee of Directors to deal with all the matters connected thereto.

Shares of MAGMA FINCORP LTD. was last trading in BSE at Rs.95.5 as compared to the previous close of Rs. 97.15. The total number of shares traded during the day was 12773 in over 331 trades.

The stock hit an intraday high of Rs. 97.7 and intraday low of 94.55. The net turnover during the day was Rs. 1224175.

Source : Equity Bulls

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