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Magma Fincorp gains on concluding acquisition of 100% home equity loans portfolio of GEMFSPL

14 Feb 2013 Evaluate

Magma Fincorp is currently trading at Rs. 85.30, up by 0.05 points or 0.06% from its previous closing of Rs. 85.25 on the BSE.

The scrip opened at Rs. 86.55 and has touched a high and low of Rs. 86.55 and Rs. 85.45 respectively. So far 238 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. 92.40 and Rs. 81.60 respectively. The current market cap of the company is Rs. 1633.63 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, 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.

 

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