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NEW DELHI: The Competition Commission of India (CCI) on Monday approved acquisition of majority shareholding in Magma Fincorp Ltd by Adar Poonawalla-controlled Rising Sun Holdings and two other individuals.
The two individuals Sanjay Chamria and Mayank Poddar are existing promoters of Magma Fincorp.
According to a combination notice filed with the regulator, the transaction involves acquisition of 60 per cent stake by Rising Sun Holdings and 4.68 per cent shareholding by the two promoters by way of preferential allotment of equity shares.
The proposed combination will enable the Acquirer 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 where the Target is present, as per the notice.
ICICI Venture, Morgan Stanley Private Equity Asia, Cyza Chem Pvt Ltd, a Poonawalla group company, and two other family offices are putting in Rs 525 crore in Magma HDI General Insurance, a joint venture between Magma Fincorp Limited and HDI Global SE, Germany. Of the Rs 525 crore, the fresh capital infusion will be to the tune of Rs 250 crore in the company, which will provide growth capital to meet the needs of expanding distribution capabilities of the company. The existing Magma group entities have done a secondary sale, which is to the tune of Rs 275 crore. The amount will allow the promoter Magma Fincorp and its group companies to comply with the Reserve Bank of India’s guidelines for ownership of a stake in insurance companies.
Magma Fincorp rises 5% as shareholders approve preferential allotment to Adar Poonawalla-led firm
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Last Updated: Mar 10, 2021, 10:15 AM IST
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Synopsis
Shareholders approved the company s plan to issue preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings and two members from the promoter group.
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The Magma Fincorp scrip got locked in its 5% upper circuit limit at Rs 136.40 on BSE.
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NEW DELHI: The Magma Fincorp stock climbed 5 per cent on Wednesday after shareholders approved the NBFC s plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-controlled Rising Sun Holdings and two members from the promoter group.
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