Adar Poonawalla To Take Over Magma Fincorp
Feb 10 2021, 8:54 PM
February 10 2021, 8:49 PM
February 10 2021, 8:54 PM
Adar Poonawalla-controlled Rising Sun Holdings Pvt. has agreed to take over majority shareholding in Mumbai-based non-bank lender Magma Fincorp Ltd.The transaction will be concluded through a preferential share allotment worth Rs 3,456 crore, according to an exchange filing by Magma Fincorp. The lender would be renamed to Poonawalla Finance.Magma Fincorp proposes to allot 45.8 crore shares to Rising Sun Holdings, and 3.57 crore share.
Adar Poonawalla-controlled Rising Sun Holdings Pvt. has agreed to take over majority shareholding in Mumbai-based non-bank lender Magma Fincorp Ltd.
The transaction will be concluded through a preferential share allotment worth Rs 3,456 crore, according to an exchange filing by Magma Fincorp. The lender would be renamed to Poonawalla Finance.