Mumbai-based asset finance company, Magma Fincorp Limited today announced that the company has raised INR 350 Crore by way of Non- Convertible Debentures (NCDs) from Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden N.V. (FMO), a Dutch Entrepreneurial Development Bank, to support the company’s on-going growth plans. The NCDs issued on a private placement basis are unlisted, redeemable, senior secured and transferable.
This investment by FMO is under Voluntary Retention Route (VRR) for investment in Indian debt by FPI. Proceeds of the NCDs shall be utilized for the company’s ongoing business operations including expansion and growth of its micro and small and medium enterprise (MSME) loan portfolio.
Stock view:
Magma Fincorp Ltd is currently trading at Rs55 up by Rs2.6 or 4.96% from its previous closing of Rs52.40 on the BSE.
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