Magma Fincorp raises Rs 5 billion through QIP; net worth surges 25%

Leading NBFC Magma Fincorp Limited on Friday said it had raised approximately Rs 5 billion through Qualified Institutional Placement (QIP) at a price of Rs 155 per equity share.

The allotment of equity shares in the QIP was completed and with this capital raise, Magma's net worth has increased approximately by 25 per cent, the company said.

The investors include Amansa Holdings, Goldman Sachs India, ICICI Prudential Life Insurance, HDFC Standard Life Insurance Co and DB International Asia Ltd.

"Several renowned institutional investors across India and Asia have shown interest and faith in Magmas unique business model. We welcome our new investors and thank them for their faith in our company and management, Magma vice chairman and managing director Sanjay Chamria said.