Magma Fincorp has signed definitive agreements for the acquisition of 100% equity share capital of GE Money Housing Finance (GEMHF). GEMHF is an affiliate of GE Capital India and is engaged in housing finance in India with amount Rs 660 crore loan assets and about Rs 193 crore net worth as on March 31, 2012.
The agreement is also for acquisition of entire home equity loans portfolio of GE Money Financial Services (GEMFSPL) with about Rs 940 crore loan assets as on May 31, 2012. The consummation of the acquisition is however subject to standard conditions precedents including relevant regulatory approvals.
Magma Fincorp is a non-deposit taking non-banking finance company (NBFC), registered with the Reserve Bank of India (RBI) as an asset finance company. The company, having started operations over two decades back, is listed on the Bombay Stock Exchange and the National Stock Exchange in India.
