Shares of Magma Fincorp were locked in 5 per cent upper circuit for the second straight day, up 5 per cent at Rs 143.05 on the BSE on Tuesday after the company appointed Adar Poonawala as its chairman as part of a management overhaul following the Poonawala-controlled Rising Sun Holdings acquiring a controlling stake in it.
The stock of the non-banking finance company was trading close to its 52-week high level of Rs 147.90, touched on May 10, 2021. Till 02:16 pm, a combined 1.01 million shares had changed hands and there were pending buy orders for 2.9 million shares on the NSE and BSE.
Magma Fincorp is now a subsidiary of Rising Sun Holdings Private Limited (owned and controlled by Adar Poonawalla), subsequent to equity raise of Rs 3,456 crore on May 6, 2021. The process for rebranding of Magma Fincorp is underway and the Company would take on the Poonawalla brand upon receipt of all requisite approvals (RBI approval for name change has been received).
Adar Poonawalla has been appointed as an Additional Director in the capacity of Non-Executive Director and designated as the Chairman of Magma Fincorp w.e.f. Tuesday, subject to the approval of the shareholders.The company has set a target to .
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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.
The Competition Commission of India (CCI) has approved the acquisition of shareholding in Mumbai-based non-banking finance company Magma Fincorp Limited by Rising Sun Holdings Private Limited and Sanj