Magma Fincorp soars 10% as Adar Poonawalla-led firm picks majority stake
By IANS |
Published on
Thu, Feb 11 2021 11:21 IST |
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Growth chart. (File Photo: IANS). Image Source: IANS News
Mumbai, Feb 11 : Shares of Magma Fincorp hit the 10 per cent upper circuit on Thursday as Adar Poonawalla-led Rising Sun Holdings Private Limited has acquired 60 per cent stake in the NBFC.
Rising Sun Holdings Private Limited and Magma Fincorp Limited on Wednesday announced a transaction for preferential issue of equity shares of Magma Fincorp which will result in a controlling stake being taken by Rising Sun Holdings and an open offer as per Public Announcement made under SAST guidelines.
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.