Magma raises ₹ 500 crore through QIP route

LUCKNOW: Magma Fincorp Limited, an NBFC with business interests in Asset Finance, Housing Finance, SME Lending and General Insurance raised capital amounting to approximately Rs 500 crore at a price of Rs 155 per equity share through Qualified Institutional Placement (QIP).The allotment of equity shares in the QIP has been completed. With this capital raise, Magma’s net worth has increased approximately by 25%. Commenting on the development, Sanjay Chamria, vice chairman and MD, Magma Fincorp Limited said, “We heartily welcome our new investors and thank them for their faith in our company and management. We are positive that this collaboration, in addition to the loyal and continued support of the board and existing investors, will help Magma achieve strong growth and reach new heights in our business.”