Mangal Credit and Fincorp Ltd has signed a Memorandum of Understanding (MoU).
As per the MoU the Company proposes to acquire 26 Acre and 2 Gunta Land situated at Village Adali, District Sindhudurg, Maharashtra. According to the preliminary survey report, the said land holds good amount of reserves of Iron ore and hence the Company is acquiring this land as a strategic investment.
Further development shall be intimated in due course of time, once the final survey report is obtained from government officials of Mining department by the Company.
The Company is focused to become a mass finance provider in the financial space of Personal & MSME Business segment and of the view that this strategic investment will have potential economic benefits which will ultimately strengthen the cash flows for NBFC.
Shares of MANGAL CREDIT AND FINCORP LTD. was last trading in BSE at Rs.43 as compared to the previous close of Rs. 40.8. The total number of shares traded during the day was 6382 in over 20 trades.
The stock hit an intraday high of Rs. 43 and intraday low of 40.5. The net turnover during the day was Rs. 263118.