Exclusive interview | Magma Fincorp is a full package; we welcome regulations that will help NBFCs stay disciplined: Adar Poonawalla
Adar Poonawalla of Serum Institute of India speaks about his group’s NBFC interest, the rationale of the Magma Fincorp acquisition, RBI’s discussion paper for the segment and much more.
Adar Poonawalla is the man of the moment without doubt and has started 2021 with a bang.
His firm Serum Institute of India, the world’s biggest vaccine maker, has been at the forefront of the nation’s fightback against the global pandemic by manufacturing crores of doses of Covishield, the coronavirus vaccine developed by Astra Zeneca plc and the Oxford University.
Adar Poonawalla-controlled Rising Sun Holdings has acquired a 60% stake in the non-banking financial company Magma Fincorp by subscribing to a Rs 3,456 crore preferential issue.
Rising Sun Holdings to invest ₹3,456 cr in Magma Fincorp to get a majority stake in the company.Post issuance, the company s net worth will increase to over ₹6,300 crore
Adar Poonawala firm Rising Sun to buy 60% stake in Magma Fincorp for Rs 3,456 crore
As par the agreement, Magma Fincorp to allot 45.80 crores equity shares to Rising Sun Holdings and 3.57 crore shares to Sanjay Chamria and Mayank Poddar
Chitranjan Kumar | February 10, 2021 | Updated 22:53 IST
Adar Poonwalla-led firm Rising Star Holdings to acquire controlling stake in Magma Fincorp
Adar Poonwalla-led firm Rising Star Holdings is planning to acquire controlling stake in financial services company Magma Fincorp via open offer. Rising Star will buy 60 per cent stake in Mumbai based non-banking financial company (NBFC) in a Rs 3,456 crore cash deal. The open offer is subject to receipt of statutory and other regulatory approvals.