Magma Fincorp rejigs team
Hindu Business Line, 19 April 2010, National
Magma Fincorp Ltd has announced restructuring of the top management, creating new positions of Chief Operating Officer and Chief of Receivables Management. Mr Ashutosh Shukla has been appointed COO, while Mr G. P. Pattanaik would be the new Chief of Receivables Management, according to a press statement issued by the company. Mr V. Lakshmi Narasimhan has been appointed new Chief Financial Officer. All the new appointments are effective April 1, 2010. Mr Ashutosh Shukla joined Magma in 1992 and has handled many responsibilities including National Recovery Head and Business Head, North among others. His last assignment was as Head of Magma Asset Reconstruction Division. He is a CA and has over 19 years of industry exposure. Mr Pattanaik joined Magma in 2000 and has headed several portfolios including Collections and Asset Reconstruction Division. He has previously handled the role of Business Head, East, and National Head, Recovery. Mr Lakshmi Narasimhan joined Magma in 1990.
Magma Fincorp rides high on LCVs
Financial Chronicle, 19 April 2010, Delhi
The BSE and NSE-listed Magma Fincorp is riding high on light commercial vehicle (LCV), passenger transportation system and construction equipment segments. The company has drawn up a two-pronged strategy of growing — through expansion of branch network and rolling out new products.As starters, the company with a total targeted disbursement of Rs 3,670 crore in 2009-10, will expand its branch network from 154 to 225 over the next three years, Sanjay Chamria, vice chairman & managing director of Magma Fincorp, told Financial Chronicle here on Saturday. “In this year itself we will add another 15-20 new branches. The branch expansion will mostly come in the southern region, where we have our largest distribution network, followed by the north and west,” said Chamria.In order to meet its future capital requirement to back up its growth plans, the company has brought in the first ever unsecured non-convertible subordinated perpetual debentures issue by any non-banking finance companies (NBFCs) in India. The total value of the issue is Rs 30 crore, including the greenshoe option. The company would also raise another Rs 50 crore through the issuance of 20 lakh warrants, in one or more tranches, to Microfirm Softwares, a company owned by the promoters. This in turn, will increase promoters’ share in the company by more than 4 per cent to 53.9 per cent.
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