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Adar Poonawalla (File photo)
MUMBAI: Vaccine king Adar Poonawalla has acquired Magma Fincorp by investing in a fresh issue that will give him 60% control of the private lender and its affordable housing and insurance arms. The 32-year-old Magma Fincorp was founded by partners Sanjay Chamria and Mayank Poddar. It has a loan book of over Rs 15,000 crore including cars, commercial vehicles, used assets, SME finance and affordable housing.
In terms of the transaction announced by the two groups on Wednesday, the company will make a preferential allotment of Rs 3,456 crore by issuing 45.8 crore shares to Poonawalla’s Rising Sun Holdings, and 3.6 crore share to Chamria and Poddar. The preferential allotment represents 64.7% of Magma’s enhanced equity with Rising Sun Holding owning 60% post-issuance and the existing promoters controlling 13.3%.
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