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Magma Fincorp inches up on concluding acquisition of 100% equity share capital of GEMHF

12 Feb 2013 Evaluate

Magma Fincorp is currently trading at Rs. 86.50, up by 0.05 points or 0.06% from its previous closing of Rs. 86.45 on the BSE.

The scrip opened at Rs. 86.25 and has touched a high and low of Rs. 86.90 and Rs. 84.65 respectively. So far 16,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 110.40 on 10-Jan-2013 and a 52 week low of Rs. 54.25 on 17-May-2012.

Last one week high and low of the scrip stood at Rs. 95.00 and Rs. 81.60 respectively. The current market cap of the company is Rs. 1,643 crore.

The promoters holding in the company stood at 33.66% while Institutions and Non-Institutions held 55.96% and 10.39% respectively.

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.

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