Mumbai, Feb 7 (IANS): Magma Fincorp will raise up to Rs 3,000 crore through debt securities in the next financial year FY21-22 through debt securities.

In a regulatory filing, the non-banking financial company has said that its Board of Directors has approved the issuance of debt securities in the nature of non- convertible debt securities -- secured, unsecured, subordinated debentures and so on.

The issuance of securities of up to Rs 3,000 crore will be done in one or more series or tranches through private placement.

The filing said that the banks, pension funds, mutual funds and other entities or individuals including but not limited to multilateral development organisation, institutional investors, foreign portfolio investors, financial institutions, companies among others.

The tenure of the secured debentures would be up to 10 years, while that for unsecured debentures would be up to 10 years or perpetual. The tenure of subordinate debentures will be at least 5 years.