Magma leasing mulls amalgamation with Shrachi

New Delhi, Aug 25 (UNI) Financial service provider Magma Leasing Ltd today said it is considering the proposal its for amalgamation with Kolkata-based Shrachi Infrastructure Finance Ltd (Shrachi).

The shareholders of Shrachi will be allotted shares of the company in the ratio of one for every three fully paid-up shares of Rs 10 per share of Shrachi.

The Board of Directors of the company has set up a committee to finalise the merger. The proposed amalgamation will result in having an asset base of over Rs 4,600 crore and a customer base of 150,000.

In addition, a network of 146 branches across India with strong penetration in rural and semi-urban areas will be created, enabling increased business from financing assets and offering fee-based products.

UNI SRS DKS HS1723