Magma Fincorp Limited informed that the Board of Directors at its meeting held on 5 May 2021, on the basis of recommendation of the Nomination and Remuneration Committee, have approved the appointment of Mr. Sajid Moorad Fazalbhoy and Mr. Prabhakar Dalal as Additional Director in the capacity of Independent Non-Executive Directors of the company with effect from 5 May 2021 on the Board of the company. Mr. Fazalbhoy has over 10 years of work experience in Private Equity and Venture Capital. Mr. Prabhakar Dalal is a highly experienced banker in commercial and development banking, with 37 years of experience and extensive international exposure across the globe.