Change in management at Magma Fincorp Ltd is complete now equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
As part of the deal, RSHPL will acquire a 60 per cent stake in Magma Fincorp, while the non-banking financial company s promoters Chamria and Poddar will acquire a 4.68 per cent shareholding
Poonawalla-led Rising Sun s acquisition of stake in Magma Fincorp gets CCI nod origin-businesstoday.intoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from origin-businesstoday.intoday.in Daily Mail and Mail on Sunday newspapers.
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NEW DELHI: The Competition Commission of India (CCI) on Monday approved acquisition of majority shareholding in Magma Fincorp Ltd by Adar Poonawalla-controlled Rising Sun Holdings and two other individuals.
The two individuals Sanjay Chamria and Mayank Poddar are existing promoters of Magma Fincorp.
According to a combination notice filed with the regulator, the transaction involves acquisition of 60 per cent stake by Rising Sun Holdings and 4.68 per cent shareholding by the two promoters by way of preferential allotment of equity shares.
The proposed combination will enable the Acquirer to achieve higher efficiencies in its existing businesses in the financial lending space as well as expand and diversify its operations in other business areas where the Target is present, as per the notice.
The Competition Commission of India (CCI) has approved the acquisition of shareholding in Mumbai-based non-banking finance company Magma Fincorp Limited by Rising Sun Holdings Private Limited and Sanj