Magma Housing Finance plans to raise Rs 700 crore via bonds

Magma Housing Finance plans to raise Rs 700 crore by issuing debt securities on a private placement basis.
The company's will hold a meeting of the Board of Directors on October 28 to authorise the issue of debt securities for the said capital raising plan.
Magma Housing Finance will seek to "... Ratify the authorisation for issuance of debt securities on private placement basis of up to Rs 700 crore," it said in a BSE filing today.
The company, however, did not provide details about the usage of proceeds.