Magma Fincorp, in line with the definitive agreement, has successfully completed the acquisition of approximate worth Rs 810 crore of home equity loans portfolio of GE Money Financial Services (GEMFSPL) as on January 31, 2013.
Earlier on November 08, 2012, the company had entered into definitive agreements for the acquisition of 100% home equity loans portfolio of GEMFSPL 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.
