Magma Fin up 5% as shareholders approve share issue to Poonawalla-led firm

The shareholders have approved the company's plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-led firm

Shares of Magma Fincorp rose 5 per cent to hit a new high of Rs 136.40 on the BSE in intra-day trade on Wednesday after the company on Tuesday informed that its shareholders have approved the plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings Ltd (RSHPL) and two members from the promoter group.

The members of the company approved with the requisite majority the preferential issue of 493.7 million equity shares to RSHPL, Sanjay Chamria and Mayank Poddar at the extraordinary general meeting (EGM) held on Tuesday, March 9, Magma