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Magma Fincorp rises 5% as shareholders approve preferential allotment to Adar Poonawalla-led firm
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Last Updated: Mar 10, 2021, 10:15 AM IST
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Synopsis
Shareholders approved the company s plan to issue preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings and two members from the promoter group.
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The Magma Fincorp scrip got locked in its 5% upper circuit limit at Rs 136.40 on BSE.
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NEW DELHI: The Magma Fincorp stock climbed 5 per cent on Wednesday after shareholders approved the NBFC s plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings and two members from the promoter group.
Adar Poonawalla-led firm makes open offer to buy additional 26% stake in Magma Fincorp
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The open offer is to acquire up to 19,88,32,105 equity shares, constituting 26% of the expanded voting share capital at a price of ₹70 apiece
On 10 February, two companies said that Rising Sun Holdings would acquire a 60% stake in Magma Fincorp by subscribing to a ₹3,456-crore preferential issue
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Adar Poonawalla- Rising Sun Holdings Pvt Ltd and two other individuals Sanjay Chamria and Mayank Poddar proposed an open offer to purchase an additional 26% stake in Magma Fincorp for over ₹1,391 crore. The open offer is to acquire up to 19,88,32,105 equity shares, constituting 26% of the expanded voting share capital at a price of ₹70 apiece. The total consideration would be little over ₹1,391.82 crore, as per regulatory filing. Axis Capital has been appointed as the manager to the offer.
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MUMBAI: Benchmark equity indices ended at their record closing highs today helped by positive cues from other Asian markets and gains in index heavyweights like Reliance Industries and Bharti Airtel.
The Nifty50 index ended 67 points, or 0.4 per cent, higher at 15,173.3, while Sensex climbed 222 points, or 0.4 per cent, to 51,531.5.
The gains, however, were more prominent in the smallcap space as the Nifty Smallcap index surged nearly 2 per cent on increased confidence in the domestic economic recovery.
The breadth of the market was positive as advancing stocks on the National Stock Exchange outnumbered the declining scrips. The gains, however, came on the back of lower participation as cash market volume on the NSE fell 15 per cent.
Magma Fincorp Spikes 10%, Hits 52-week High As Adar Poonawalla s Rising Sun Eyes Majority Stake moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.