Magma Fincorp acquires 26% stakes of MITL

Magma Fincorp soared through over 2% intraday throughout Tuesday’s trading session after the corporate knowledgeable that it has obtained 26% equity shares of Magma ITL Finance Ltd (MITL), a subsidiary firm.

Magma Fincorp soared by way of over 2% intraday all over Tuesday’s trading session after the company informed that it has bought 26% equity shares of Magma ITL Finance Ltd (MITL), a subsidiary firm.

The shares were received from world Tractors limited (ITL) probably the most existing shareholders of MITL (a three way partnership companion).

With the aid of advantage of the said acquisition, MITL has transform a entirely-owned subsidiary of the company.

The inventory of Magma Fincorp was trading up with the aid of 1.86% at Rs 178 on BSE at 1001 hours. It opened at Rs 178 per share. It touched its intraday high and low at Rs 181.55 and Rs 178 per share, respectively.

The stock attracted a complete traded extent of 79,028 shares and traded price of Rs 141.77 on NSE at 1008 hours.The inventory & apos;s 52 week high stood at Rs 1,185.60 as on August 3, 2017 and low at Rs 85.50 as on November 9, 2016.

Magma Fincorp restricted is a non-banking finance firm. The company is basically engaged in the trade of asset financing. Its important activities embrace Financing for Tractors, business vehicle (CV), development tools (CE), automobiles and Used vehicles and loan and mortages to micro, small and medium companies (MSME).

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