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Two city firms in cash chase

Calcutta, May 10: Two Calcutta-based asset finance companies — Srei Infrastructure Finance and Magma Fincorp — are looking to raise funds for its business operations and working capital requirements.

Srei will raise Rs 150 crore through non-convertible debentures offering annualised returns of 12 per cent. The issue opened for subscription yesterday and will close on June 9.

“The funds raised through this issue will be used to repay existing loans and meet capital expenditure and working capital requirements,” the company said in a statement.

ICICI Securities, A.K. Capital Services, SPA Capital Advisors and Srei Capital Markets are the lead managers to the issue.

Magma Fincorp is planning to raise Rs 500 crore through various instruments to meet its capital requirements during the year. It is also looking to raise up to Rs 2,200 crore in multiple tranches through issue of non-convertible debt securities.

For the fourth quarter ended March 31, Magma posted a 4.5 per cent dip in net profit at Rs 42.17 crore.

 
 
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