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Adar Poonawalla's Rising Sun Holdings notifies CCI about Magma Fincorp deal businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
Adar Poonawalla (File photo) MUMBAI: Vaccine king Adar Poonawalla has acquired Magma Fincorp by investing in a fresh issue that will give him 60% control of the private lender and its affordable housing and insurance arms. The 32-year-old Magma Fincorp was founded by partners Sanjay Chamria and Mayank Poddar. It has a loan book of over Rs 15,000 crore including cars, commercial vehicles, used assets, SME finance and affordable housing. In terms of the transaction announced by the two groups on Wednesday, the company will make a preferential allotment of Rs 3,456 crore by issuing 45.8 crore shares to Poonawalla’s Rising Sun Holdings, and 3.6 crore share to Chamria and Poddar. The preferential allotment represents 64.7% of Magma’s enhanced equity with Rising Sun Holding owning 60% post-issuance and the existing promoters controlling 13.3%. ....
Read more about Magma Fincorp hits the roof as Poonawalla-backed firm to acquire majority stake on Business Standard. Magma Fincorp hit an upper circuit of 10% at Rs 93.40 as Adar Poonawalla-controlled Rising Sun Holdings will acquire a controlling stake in the NBFC through preferential issue of equity shares. ....
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. ....
Magma Fincorp soars 10% as Adar Poonawalla-led firm picks majority stake By IANS | Published on Thu, Feb 11 2021 11:21 IST | 0 Views 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. ....