GE Capital India to sell mortgage loan biz to Magma FinCorp
India's Magma Fincorp, said on Thursday it has acquired home loan portfolios from GE Capital India, a unit of General Electric Co.
The Indian non-banking finance company signed definitive agreements to acquire GE Money Housing Finance and the entire home equity loan portfolios of GE Money Financial Services, Magma said in a filing to the Bombay Stock Exchange.
GE Money Housing Finance and GE Money Financial Services are subsidiaries of GE Capital India. The filing did not give the financial terms of the deals.
Kohlberg Kravis Roberts and Co. and International Finance Corp, an arm of the World Bank, hold significant minority stakes in Magma.
GE Money Housing Finance has loan assets of 6.6 billion Indian rupees ($122.08 million) while GE Money Financial Services has about 9.4 billion Indian rupees ($173.86 million), it said.
Shares of Magma Fincorp were trading 2.29 percent higher at 67 rupees on Thursday, outperforming the benchmark index, which was down 0.3 percent.
Company INFO More on Magma Fincorp
Stocks More on Magma Fincorp
GE Capital India to sell mortgage loan biz to Magma FinCorp
New Delhi: (PTI) Financial Services firm GE Capital India today agreed to sell its mortgage loan business arms to Magma FinCorp for undisclosed amount.
The shareholders of GE Money Housing Finance have agreed to sell their entire holding in the company and the board of directors of GE Money Financial Services Private Ltd have also agreed to sell their entire home loan and home equity portfolio to Magma
Be the first to comment.
