India’s Magma Fincorp asks shareholders to approve Rs. 20 billion debt

By Susanna Moon

Chicago, Feb. 15 – Magma Fincorp Ltd. notified the Bombay Stock Exchange that it will ask for shareholder approval to issue up to Rs. 20 billion of debt securities by way of private placement.

The company’s board of directors decided at its meeting held Wednesday “to seek approval of members of the company by way of postal ballot,” according to the notice.

M R & Associates, Co. Secretaries, Kolkata, was appointed as scrutinizer for the postal ballot. Feb. 10 is the cut-off date.

Magma is a Kolkata, India-based loan provider.

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