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Magma Fincorp to issue up to 20B rupees of debt securities

India-based nonbanking financial company Magma Fincorp Ltd. plans to raise up to 20 billion rupees via an issue of debt securities on a private placement basis.

The company said Feb. 23 that the issuance is subject to shareholders' approval.

As of Feb. 23, US$1 was equivalent to 64.90 Indian rupees.