Magma Fincorp Limited announced that it expects to receive INR 34.56000002 billion in funding from Rising Sun Holdings Private Limited and other investors

Magma Fincorp Limited (NSEI:MAGMA) announced a private placement of 493,714,286 shares at a price of INR 70 per share for gross proceeds of up to INR 34,560,000,020 on March 9, 2021. The transaction will include participation from Rising Sun Holdings Private Limited for 45,80,00,000 shares for proceeds of INR 32,060,000,000, Mr. Sanjay Chamria and Mr. Mayank Poddar for 17,857,143 shares for proceeds of INR 1,250,000,010 each. The transaction was approved by the board of directors of the company in extra ordinary general meeting. The shares will be issued on preferential basis.