“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.
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.
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