New promoter breathes life into Magma Fincorp’s shares
Rising Sun Holdings Ltd, promoted by Adar Poonawalla, will purchase 458 million shares or 60% stake in Magma Fincorp at Rs70 apiece.
1 min read
Share Via
Read Full Story
MUMBAI: Shares of non-bank financial company (NBFC) Magma Fincorp Ltd seem to have found a fresh lease of life, after languishing for more than a year, with the entry of a new promoter.
Rising Sun Holdings Ltd, promoted by Adar Poonawalla who also heads Serum Institute, will purchase 458 million shares or 60% stake in Magma Fincorp at Rs70 apiece. Poonawalla’s company will infuse Rs3,206 crore into Magma Fincorp while existing promoters would put in Rs250 crore. This infusion will boost the networth of Magma Fincorp by 120% to ₹6,314.8 crore post issue.