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Magma Fincorp approves scheme of merger with Magma ITL Finance

Press Trust of India  |  New Delhi 

Non-financial company (NBFC) today approved of its wholly-owned subsidiary Magma ITL with itself.

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 will help achieve greater integration and financial strength and flexibility to maximise overall shareholder value, said in a filing to the stock exchanges.

The will result in economies of scale, reduction in overheads including administrative, managerial and other expenditure, organisational efficiency and optimal utilisation of resources, it added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 09 2017. 20:48 IST