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Magma Fincorp Spikes 10%, Hits 52-week High As Adar Poonawalla's Rising Sun Eyes Majority Stake

Magma Fincorp Spikes 10%, Hits 52-week High As Adar Poonawalla's Rising Sun Eyes Majority Stake
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Adar Poonawalla-backed Firm To Acquire Majority Stake In Magma Fincorp For Rs 3,456 Crore

Adar Poonawalla-backed firm to acquire majority stake in Magma Fincorp for Rs 3,456 crore
The new firm will be called Poonawalla Finance.
SII CEO Adar Poonawalla (File Image: Twitter)
Rising Sun Holdings, a company controlled in personal capacity by Serum Institute of India CEO Adar Poonawalla, announced a transaction on February 10 to acquire a controlling stake in Magma Fincorp (MFL), a non-banking financial company (NBFC).
The deal will be carried out via a preferential issue of Magma Fincorp s equity shares worth Rs 3,456 crore. The deal also includes an open offer as per SEBI norms.
According to an official statement, the deal “ is subject to shareholders’ and other regulatory approvals and represents 64.68 percent of MFL’s enhanced equity share capital post the issue. Based on current shareholding, Rising Sun Holding would hold 60 percent stake in the entity post issuance and the existing promoter group stake would get reduced to 13.3 percent post i ....

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Adar Poonawalla-led Rising Star Holdings to buy controlling stake in Magma Fincorp

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 ....

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Rising Sun Holdings, a company controlled by Mr. Adar Poonawalla to acquire controlling stake in Magma Fincorp Limited

Rising Sun Holdings, a company controlled by Mr. Adar Poonawalla to acquire controlling stake in Magma Fincorp Limited ....

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Adar Poonawala firm Rising Sun to buy 60% stake in Magma Fincorp for Rs 3,456 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. ....

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