The Hindu Business Line : Magma Shrachi AGM clears 20% payout

Kolkata, Sept. 6 Shareholders of Magma Shrachi Finance Ltd, at the company’s 27th annual general meeting here today, have okayed the proposed dividend of Rs 2 per share of Rs 10 each (20 per cent) for the year 2006-07. According to Mr Sanjay Chamria, Vice-Chairman and Managing Director, the AGM marked a rewarding period for the company following the amalgamation of Shrachi Infrastructure Finance Ltd with Magma Leasing.

Mr Chamria said the combined entity now had a well diversified product portfolio consisting of commercial vehicle finance, financing of strategic construction equipment and fee-based businesses such as general insurance and personal loans.

He said the company, having achieved a CAGR of over 50 per cent during the last five years, now operates in 20 States through 55 branches, employing 3,500 people.

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