Change in management at Magma Fincorp Ltd is complete now

The shareholders of Magma Fincorp Ltd by way of passing of Special Resolution, had approved Preferential Allotment of up to Rs. 3456 crores by way of issuing 49,37,14,286 Equity shares of face value Rs. 2 each of the Company at an issue price of Rs. 70/-, to Rising Sun Holdings Private Limited, Mr. Sanjay Chamria and Mr. Mayank Poddar.

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.

Shares of MAGMA FINCORP LTD. was last trading in BSE at Rs.117 as compared to the previous close of Rs. 118.25. The total number of shares traded during the day was 43140 in over 1203 trades.

The stock hit an intraday high of Rs. 120 and intraday low of 116.85. The net turnover during the day was Rs. 5106888.

Source : Equity Bulls

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