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Magma Fincorp, a Kolkata-based non banking financing company, is looking to raise money to the tune of Rs 1800 crore. The amount will be raised in one or more series or tranches.
According to a notification to the stock exchanges, the company will be raising the money for the financial year 2016-17 and in the nature “non-convertible debt securities” that include secured debentures, unsecured debentures, bonds, subordinated debt securities, covered bonds or other debt securities.
For secured instruments the tenure will not exceed 10 years; for subordinated one at least 5 years and for unsecured ones it will not exceed 10 years and/or be of perpetual nature.
Results
The NBFC also reported a near 29 per cent increase in standalone net profits to the tune of Rs 44 crore for the quarter ended December 31, 2015; as against the Rs 34 crore it reported in the year-ago-period.
The company’s total income from operations (standalone) stood at Rs 530 crore; an increase of one per cent over the Rs 524 crore it reported in the year-ago-period.
On consolidated basis, net profit for the quarter stood at Rs 52 crore (Rs 45 crore) while total income stood at Rs 621 crore (Rs 617 crore).
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