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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