Magma Fincorp to raise upto Rs 400 crore

Magma Fincorp Ltd has announced that the Board of Directors of the Company by way of circular resolution have passed and approved June 05, 2009 vide majority, the proposal to raise funds for the Company by way of issue of Equity Shares to the Qualified Institutional Buyers in accordance with the provisions of Chapter XIII-A ("Guidelines of Qualified Institutional Placement") of SEBI (DIP) Guidelines 2000 upto a sum of Rs 400,00,00,000/- (Rupees Four Hundred Crore only) inclusive of premium subject to the approval of the shareholders of the Company ("Shareholders").

Consequently, the Board has also proposed to convene an Extraordinary General Meeting of the Shareholders on July 01, 2009, for seeking approval of the Shareholders for the proposed issue and other related matters.

The stock closed the day at Rs.170, up by Rs.2 or 1.19%. The stock hit an intraday high of Rs.170 and low of Rs.161.10.

The total traded quantity was 413 compared to 2 week average of 969.

Source : Equity Bulls

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