Magma Fincorp Limited seeks financing. Magma Fincorp plans to raise INR 5 billion by way of equity or through convertible instruments to fund its growth needs. “We plan to raise up to INR 5 billion but we have not fixed any timeline for raising the funds.

This is because we are quite comfortable on the capital front. We will raise the amount at an opportune time,” V. Lakshmi Narasimhan, Chief Financial Officer, Magma, said. Magma's shares closed at INR 95.90, down by 2.59%, on January 17, 2013.