Calcutta, May 27: The Todis of the Shrachi group today sold their remaining 5.62 per cent stake in Magma Fincorp to Mayank Poddar and Sanjay Chamria, the promoters of erstwhile Magma Leasing Ltd.

In an all-stock deal, Magma Leasing and Shrachi Infrastructure Finance had merged into a single entity, Magma Shrachi Finance, in 2006. Magma Shrachi later changed its name to Magma Fincorp.

At the time of the merger, one share of Magma Leasing was issued for every three shares of Shrachi Infra held by its promoters.

S.K. Todi and Ravi Todi had joined the Magma Fincorp board after the merger.

S.K. Todi was the non-executive vice-chairman and Ravi Todi was the joint managing director in Magma Fincorp.

“S.K. Todi and Ravi Todi have also tendered their resignations from the board of Magma Fincorp and the Todi group has ceased to be promoters of the group,” the company statement said.