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Magma Fincorp advances on concluding acquisition of 26% stake in MITL

29 Aug 2017 Evaluate

Magma Fincorp is currently trading at Rs. 178.70, up by 3.70 points or 2.11% from its previous closing of Rs. 175.00 on the BSE.

The scrip opened at Rs. 178.00 and has touched a high and low of Rs. 181.55 and Rs. 178.00 respectively. So far 6,196 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 185.00 on 03-Aug-2017 and a 52 week low of Rs. 86.50 on 09-Nov-2016.

Last one week high and low of the scrip stood at Rs. 181.55 and Rs. 171.35 respectively. The current market cap of the company is Rs. 4,234.00 crore.

The promoters holding in the company stood at 27.75%, while Institutions and Non-Institutions held 49.87% and 22.39% respectively.

Magma Fincorp has completed the process to acquire 26% equity shares of Magma ITL Finance (MITL), a subsidiary company, from International Tractors (ITL) one of the existing shareholder of MITL (the Joint Venture Partner). By virtue of the said acquisition, MITL has become wholly owned subsidiary of the company.

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).


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