Magma Fincorp Ltd has signed definitive agreements for the acquisition of 100% equity share capital of GE Money Housing Finance (?GEMHF?) ? GEMHF is an affiliate of GE Capital India engaged in housing finance (?Housing Finance?) in India with amount Rs 660 crores loan assets and about Rs 193 crores net worth as at March 31, 2012 and entire home equity loans portfolio of GE Money Financial Services Pvt Ltd (?GEMFSPL?) with about Rs 940 crores loan assets at May 31, 2012.
Consummation of the acquisition is subject to standard conditions precedents including relevant regulatory approvals.
The Magma Fincorp stock was trading at Rs.67.85, up by Rs.2.40 or 3.67%. The stock hit an intraday high of Rs.68.95 and low of Rs.66.25.
The total traded quantity was 0.20 lakhs compared to 2 week average of 0.16 lakhs.
Source: http://www.bizxwires.com/?p=27043
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