Magma Fincorp, nationally, had disbursed Rs5,415 crore in 2010-11 through its network of 172 offices across 21 states
Magma Fincorp said it plans to ramp up disbursements by another 50% in retail loans in Rajasthan during the current fiscal. The company disbursed Rs399 crore in the state. The company, nationally, had disbursed Rs5,415 crore in 2010-11 through its network of 172 offices across 21 states.
The company will continue with its focus on providing asset finance to the economically disenfranchised in Rajasthan and expect to further grow in the states, Magma Fincorp senior vice-president Sumit Mukherjee said.
The Kolkata-based company already has a footprint in the state with 12 offices and plans to add one more office in SriGanganagar in this fiscal.
"The company disbursed Rs399 crores in 2010-11, which was 50% higher than FY10. Tractor finance, Suvidha (refinance), car finance and commercial vehicle finance posted a healthy growth of 162%, 137%, 79% & 58%, respectively.
"The aggressive marketing strategy adopted by the company helped in attaining this phenomenal growth rate and played a major part in the market expansion drive for the company in this region," he said.
In the first quarter of the current financial year, the company has posted an overall growth of 68% in Rajasthan, compared to the corresponding period of the last financial year. Tractor finance, car finance, suvidha, commercial vehicle finance & construction equipment finance witnessed a growth of 124%, 94%, 86%, 66% and 53%, respectively.
"The primary sales of assets have witnessed robust growth in the past several quarters and we hope the same would continue. This augurs well for our business. With the development of infrastructure further, we hope our products will continue to do well as majority of them cater to the growth in rural and semi urban markets," Mukherjee said.
On Wednesday, Magma Fincorp ended 0.21% up at Rs72.60 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.47% to 16,709.60.
Taksheel Solutions’s IPO will close on 4th October
IT service provider Taksheel Solutions will launch its Rs80 crore initial public offering on 29th September. The price band for the issue has not been fixed yet.
The Hyderabad-based firm, which offers IT products and services to financial services and telecom companies, plans to use Rs22 crore from the IPO proceeds for acquiring firms in a similar line of business, chairman and managing director Pavan Kumar Kuchana said. The IPO will close on 4th October, he added. TSL, which intends to issue 5.5 million shares through a fresh issue, intends to use proceeds to set up two software development centres, acquisitions and other corporate purposes. PNB Investment Services, a unit of Punjab National Bank, is the book running lead manager.
The equity shares of the issue are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Edelweiss Mutual Fund new issue closes on 15th September
Edelweiss Mutual Fund has launched Edelweiss Fixed Maturity Plan-91 Days-Series 3, a close-ended income scheme.
The investment objective of the scheme is to generate regular income through investment in debt and money market instruments maturing on or before the maturity date of the scheme.
The new issue closes on 15th September. The minimum investment amount is Rs5,000.