Magma Fincorp to sell NPAs for Rs 600 crore

Non-banking financial company Magma Fincorp today said it will sell its non-performing assets for about Rs 600 crore.

The decision was taken by the Management Committee of the board of directors at a meeting held today, the company said in a regulatory filing.

"The Management Committee of the board of directors of the company has approved sale of non-performing assets of the company in one or more tranches from time to time, up to a maximum total amount of Rs 600 crore," it said.

The company offers car loans, SME loans, construction equipment loans, commercial vehicle loans, used vehicle loans as well as housing finance loans.