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Magma Fincorp raises Rs 350 crore via private placement of NCDs

Magma Fincorp has a customer base of over 2.4 million.

PTI|
Dec 13, 2019, 04.03 PM IST
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This investment by FMO, a Dutch Entrepreneurial Development Bank is under Voluntary Retention Route (VRR) for investment in the country's debt by FPI.
Mumbai: Non-banking finance company, Magma Fincorp on Friday said it has raised Rs 350 crore through the private placement of bonds to Nederlandse Financierings Maatschappij Voor Ontwikkelingslanden NV (FMO) to support the companys on-going growth plans.

This investment by FMO, a Dutch Entrepreneurial Development Bank is under Voluntary Retention Route (VRR) for investment in the country's debt by FPI.

"Proceeds of the NCDs will be utilized for ongoing business operations including expansion and growth of its micro and small and medium enterprise (MSME) loan portfolio," the company said in a statement.

Magma Fincorp, which focuses on the rural and semi- urban sector manages a loan book of Rs 16,463 crore and has a customer base of over 2.4 million.

As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs.

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