Media Centre - Press Coverage
Top Management changes at Magma Fincorp
Business Standard, 16 April 2010, National
Magma Fincorp Limited, India’s leading retail finance company, has made top level management restructuring, thereby creating a new position of Chief Operating Officer and Chief of Receivables Management. Mr Ashutosh Shukla, a company veteran, has been appointed COO while Mr G P Pattanaik will be the new Chief of Receivables Management. Mr V Lakshmi Narasimhan has been appointed the new Chief Financial Officer of the company. All the new appointments are effective 1st April, 2010. Mr Ashutosh Shukla joined Magma in 1992 and has handled many responsibilities including National Recovery Head, Business Head – North etc. His last assignment was as Head of Magma Asset Reconstruction Division. He is a CA and has over 19 years of industry exposure. Mr G P 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. Pattanaik is a CA and brings over 28 years' experience in the public and private sector. Mr V Lakshmi Narasimhan, FCS, LLB & Post-Graduate Diploma holder in Personnel Management, joined Magma in 1990. In his new role, he will be overseeing Treasury, Accounts, Taxation, Budgeting, MIS and Secretarial functions of the company. His last role was that of Group Business Head. Previously, he has held senior positions including that of National Credit Head and Head-Fee-based Business.
Magma Fincorp EGM approves issue of warrants
Hindu Business Line, 9 April 2010, National
Magma Fincorp Ltd received the shareholders approval for the issue of 20 lakh warrants up to a sum of Rs 50 crore on a preferential basis on Thursday, according to a notification from the company on the BSE. The company's Board members passed the special resolution authorising allotment of 20 lakh warrants to Microfirm Softwares Private Ltd, a promoter group company. "The warrant holder will be entitled to the option of receiving one equity share of Rs 10 each at a price of Rs 250 per share including premium of Rs 240 per equity share within 18 months from the date of allotment of the warrant," the notification said.
Magma to hike promoters’ stake
Financial Express, 8 April 2010, Kolkata
Magma Fincorp, a Kolkata-based retail asset finance company, is planning to increase promoters' share in the company. It has already received shareholders' approval to increase promoters' stake by more than 4% to 53.9%. It will issue 20 lakh war rants, in one or more tranches, to Microfirm Softwares Pvt Ltd. The decision was approved at the extraordinary general meeting on Thursday. In fact, promoters have decided to increase their stake in Magma at a time when many Indian companies are in a rush to issue preferential allotments. According to analysts, this not only enables the promoters to increase their stake when the market is on the rise, but also sends signals to investors that the promoter is confident about the prospects of the company.
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