As per RBI regulatory framework for Co-origination of loans by Banks and NBFCs for the Priority sector, Magma Fincorp Ltd has entered into Co-origination arrangement with ICICI Bank Limited for Asset backed finance business i.e., loans for Car, Commercial Vehicles and Construction Equipment, both new and used.
This arrangement represents an alternate model of disbursals for Magma that would be asset light and create a sound revenue model through fee income. Magma's responsibility under this co-origination agreement shall include sourcing and servicing of loans and collection of repayments from the customers.
Shares of MAGMA FINCORP LTD. was last trading in BSE at Rs.60 as compared to the previous close of Rs. 62.6. The total number of shares traded during the day was 5165 in over 311 trades.
The stock hit an intraday high of Rs. 63.75 and intraday low of 58.75. The net turnover during the day was Rs. 315287.