Magma Fincorp has successfully completed the acquisition of 100% equity share capital of GE Money Housing Finance (GEMHF), in line with the definitive agreement and taken ownerships of 100% equity share capital of GEMHF, effective February 11, 2013. GEMHF has a home loan portfolio of approximately Rs 540 crore as on January 31, 2013.
Earlier on November 08, 2012, the company had entered into definitive agreements for the acquisition of 100% equity share capital of GEMHF subject to completion of standard conditions precedents including receipt of 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.
