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Magma Fincorp Spikes 10%, Hits 52-week High As Adar Poonawalla's Rising Sun Eyes Majority Stake moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
₹3,456-crore deal: Adar Poonawalla-backed firm to pick 60% stake in Magma Fincorp February 10, 2021 × Rising Sun Holdings Pvt Ltd controlled by Adar Poonawalla, CEO, Serum Institute of India, has decided to acquire a 60 per cent stake in Mumbai-based non- banking finance company Magma Fincorp for ₹3,456 crore. “Rising Sun Holdings and Magma Fincorp 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,” the two companies said in a statement. As part of the transaction, Magma Fincorp proposes to allot 45.8 crore shares to Rising Sun Holdings, and 3.57 crore shares to Mayank Poddar, Chairman and Non-Executive Director, and Sanjay Chamria, Vice-President and Managing Director, Magma Fincorp. ....
Read more about Adar Poonawalla-backed firm takes over Magma Fincorp in Rs 3,456 cr deal on Business Standard. The company, which has a fledgeling NBFC arm called Poonawalla Finance which lends mostly to professionals, said the acquisition will be done through a group company called Rising Sun Holdings ....
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 ....