NEW DELHI: The Magma Fincorp stock climbed 5 per cent on Wednesday after shareholders approved the NBFC’s plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings and two members from the promoter group.
The members of the company approved with requisite majority the preferential issue of 49,37,14,286 equity shares to RSHPL, Sanjay Chamria and Mayank Poddar at the extraordinary general meeting (EGM) held on Tuesday, March 9, Magma said in a regulatory filing.
Following the development, the scrip got locked in its 5 per cent upper circuit limit at Rs 136.40 on BSE.
