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Magma Fincorp shareholders approve 60% acquisition by Poonawalla-led firm

Non-banking finance company Magma Fincorp Ltd (Magma) on Tuesday said its shareholders have approved the company s plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings Ltd (RSHPL) and two members from the promoter group. The members of the company approved with requisite majority the preferential issue of 49,37,14,286 equity shares to RSHPL, Sanjay Chamria and Mayank Poddar at the extraordinary general meeting (EGM) held on Tuesday (March 9), Magma said in a regulatory filing. The company, whose promoter shareholding is slated to be changed to Poonawalla group as per the deal announced earlier this year, will allot 45,80,00,000 preferential shares to RSHPL for a consideration of Rs 3,206 crore.

Magma Fincorp gets shareholders nod for acquisition of controlling stake by Rising Sun Holdings Pvt Ltd through Preferential Issue

Adar Poonawalla s Rising Sun Holdings notifies CCI about Magma Fincorp deal

Adar Poonawalla s Rising Sun Holdings notifies CCI about Magma Fincorp deal The acquisition will enable RSHPL 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. BusinessToday.In | March 4, 2021 | Updated 22:49 IST Rising Sun Holdings is a part of Adar Poonawalla s Rising Sun group of companies. Adar Poonwalla-led Rising Star Holdings Private Ltd (RSHPL) has filed a combination notice with the Competition Commission of India (CCI) about its 60 per cent stake acquisition in financial services company Magma Fincorp Ltd. As part of the deal, RSHPL will acquire 60 per cent stake in Magma Fincorp, while the non-banking financial company s promoter Sanjay Chamria and Mayank Poddar will acquire 4.68 per cent shareholding.

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