 "Magma Fincorp surges ahead of board meet")
Shares of Magma Fincorp have rallied 14% to Rs 94.65 on the BSE on back of heavy volumes ahead of the board meeting today to consider a preferential issue plan.
“A meeting of the board of directors of the company will be held on March 30, 2015, to consider issue of equity shares on preferential basis,” Magma Fincorp said in a BSE filing.
In November last year, a non-banking financial company (NBFC) had decided to exit its gold loan business.
Magma is lending loans against trucks, farm equipment and to small businesses. It counts KKR Mauritius Direct Investments I Ltd, International Finance Corporation and Zend Mauritius VC Investments Ltd as investors.
The stock opened at Rs 87.95 and touched a high of Rs 97.50 on the BSE. The trading volumes on the counter more than doubled with a combined 157,305 equity shares changed hands on the BSE and NSE till 1035 hours.
“A meeting of the board of directors of the company will be held on March 30, 2015, to consider issue of equity shares on preferential basis,” Magma Fincorp said in a BSE filing.
In November last year, a non-banking financial company (NBFC) had decided to exit its gold loan business.
Magma is lending loans against trucks, farm equipment and to small businesses. It counts KKR Mauritius Direct Investments I Ltd, International Finance Corporation and Zend Mauritius VC Investments Ltd as investors.
The stock opened at Rs 87.95 and touched a high of Rs 97.50 on the BSE. The trading volumes on the counter more than doubled with a combined 157,305 equity shares changed hands on the BSE and NSE till 1035 hours.