Magma Fincorp approves merger scheme with Magma Advisory Services Limited
DSIJ Intelligence / 21 Jun 2017
Magma Fincorp’s board of directors, at its meeting held on June 20, 2017 has approved the scheme of merger of Magma Advisory Services Limited with Magma Fincorp Limited.
Magma Fincorp’s board of directors, at its meeting held on June 20, 2017 has approved the scheme of merger of Magma Advisory Services Limited with Magma Fincorp Limited.
Magma Fincorp Limited is a non-banking finance company. The company is primarily engaged in the business of asset financing.
Magma Advisory Services Limited is the wholly owned subsidiary of Magma Fincorp Limited.
Magma Fincorp Limited (MFL) is the transferee company and Magma Advisory Services Limited (MASL) is the transferor company.
Meanwhile, at Rs 173 per share at 0927 hours IST on BSE, the stock was trading higher by 1.8%. It hit a high of Rs 173.85 and a low of Rs 170.35 in the morning session on Wednesday.
The stock has delivered close to 60% returns in a period of one year. It has outperformed BSE small-cap and Nifty financial services over the same period.
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