Kolkata: Asset finance company Magma Fincorp is planning to raise Rs 750 crore through issue of securities in one or more tranches.The company is looking to raise funds either through issuance of equity shares , global depository receipts, American depository receipts, warrants or convertible securities, or a 'combination thereof'. The exact mode is yet to be decided.In addition, the asset finance company has decided to merge its wholly owned subsidiary Magma ITL Finance Ltd - which is into tractor financing – with itself. The merger will help achieve greater integration and financial strength and flexibility to maximise overall shareholder value , Magma Fincorp said in a filing to the stock exchanges. Standalone profit before tax for the quarter under review too dipped by 7 % year-on-year to Rs 55.63 crore (Rs 59.83 crore). Total income dropped 7.64 % to Rs 479.01 crore in Q2 FY 2018 against Rs 518.65 crore in the corresponding period previous year.

Source: Economic Times November 10, 2017 12:33 UTC