Magma Fincorp merges Magma ITL Finance
Magma Fincorp Limited (“Magma”) 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, currently having a market cap of Rs. 3,600 crores (approx.) and is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India. Magma ITL Finance Limited (MITL) is an unlisted public company and a wholly owned subsidiary of Magma carries out the business of tractor financing. The Company is registered with the Reserve Bank of India as non-deposit taking Non- Banking Financial Company under section 45-IA of the Reserve Bank of India Act, 1934. Transaction Overview Amalgamation of MITL with Magma Fincorp with an appointed date of 1 st October 2017. MITL being wholly owned subsidiary of Magma, no new shares will be issued in course of merger. Share capital Table 1: Share capital as on appointed date (All Figs. in...