The shares of Magma Fincorp hit fresh highs on Thursday after Rising Sun Holdings Pvt Ltd controlled by Adar Poonawalla, CEO, Serum Institute of India announced its decision to acquire a 60 per cent s
₹3,456-crore deal: Adar Poonawalla-backed firm to pick 60% stake in Magma Fincorp
February 10, 2021
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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.