ALSO READMagma Fincorp posts Q4 loss of Rs 122 cr on bad loans Magma Fincorp plans scheme of merger with subsidiary Magma Fincorp provides update on step down subsidiary - Magma Housing Finance Board of Magma Fincorp approves scheme of merger and fund raising Board of Magma Fincorp approves scheme of merger
The board also approved raising of up to Rs 750 crore through issue of securities in one or more tranches.
Magma ITL, also an NBFC, currently carries out the business of tractor financing.
The merger will result in economies of scale, reduction in overheads including administrative, managerial and other expenditure, organisational efficiency and optimal utilisation of resources, it added.
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