Magma Housing Finance Limited announced a private placement to issue 83,991,264 Nos equity shares at a price of INR 59.53 per equity share, at a face value of INR 10 each and premium of INR 49.53 each through rights issue for gross proceeds of INR 4,999,999,946 on May 31, 2021. The transaction will include participation from returning investor, Magma Fincorp Limited to retain 100% stake in the company. The transaction has been approved by the board of directors of the company.

The indicative time period for completion of the transaction is within 7 working days from the date of the board approval.