They will be allotted 4.62 crore equity shares at a price of Rs 108, which is an almost 30 per cent premium over Friday's closing price. The stock was trading 13 per cent up at Rs 94.10 a piece on the BSE in the afternoon session.
Non-bank lender Magma Fincorp on Monday said private equity funds KKR, Indium and LeapFrog will invest Rs 500 crore in the company through preferential shares to spur business expansion.
They will be allotted 4.62 crore equity shares at a price of Rs 108, which is an almost 30 per cent premium over Friday's closing price. The stock was trading 13 per cent up at Rs 94.10 a piece on the BSE in the afternoon session.
Indium, an investment vehicle advised by India Value Fund Advisors, will be investing Rs 220 crore, while emerging market investor Leapfrog Investments will infuse Rs 200 crore, the Kolkata-based lender said in a statement.
American private equity KKR, which first invested in the company in 2011, is doing a follow-up investment of Rs 801 crore, it said, adding that the company board has approved the issue of preference shares.
"Magma will use the new capital to grow its business and capture opportunities created by India's economic growth and improving financial markets," it said.
The investors come with "long-term strategic capital" which will help the company in the next level of its growth, the company's managing director Sanjay Chamria was quoted as saying.
"We continue to believe that rural and semi-urban financial inclusion will be a key element of this growth and Magma is a unique platform that can actively drive this financial inclusion," KKR's chief executive for India, Sanjay Nayar said.
Magma Fincorp stock price
On March 30, 2015, Magma Fincorp closed at Rs 94.90, up Rs 11.75, or 14.13 percent. The 52-week high of the share was Rs 142.00 and the 52-week low was Rs 66.10.
The company's trailing 12-month (TTM) EPS was at Rs 7.02 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 13.52. The latest book value of the company is Rs 66.38 per share. At current value, the price-to-book value of the company is 1.43.
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