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Economic Laws Practice (ELP) has expanded its equity partnership to 12 by promoting Kumar Visalaksh and Ashish Prasad to equity partners.
Prateek Bansal, who is now associate partner in the tax practice at White & Brief. Nagla specialises in GST, customs, SEZ and foreign trade work, while Bansal specialises in service tax and GST litigation. We have reached out to ELP for comment. Founding and managing partner Nilesh Tribhuvann commented in a statement: “With Vineet and Prateek coming in, we have moved closer to our aim of transitioning into a full-service firm. We are now equipped to provide the gamut of services to our clients across the board. “There is now a clear alignment of vision amongst the firm’s senior level m...
₹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...
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. Acco...
Rising Sun Holdings, a company controlled by Mr. Adar Poonawalla to acquire controlling stake in Magma Fincorp Limited