Magma Fincorp has received an approval for scheme of merger of Magma Advisory Services (a wholly owned subsidiary company) with the company. The board of directors at its meeting held on June 20, 2017 has approved for the same.
Magma Fincorp is a non-deposit taking NBFC registered with the Reserve Bank of India (RBI) as an asset finance company. It started operations two decades back and is now listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).