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Adar Poonawala firm Rising Sun to buy 60% stake in Magma Fincorp for Rs 3,456 crore As par the agreement, Magma Fincorp to allot 45.80 crores equity shares to Rising Sun Holdings and 3.57 crore shares to Sanjay Chamria and Mayank Poddar Chitranjan Kumar | February 10, 2021 | Updated 22:53 IST Adar Poonwalla-led firm Rising Star Holdings to acquire controlling stake in Magma Fincorp Adar Poonwalla-led firm Rising Star Holdings is planning to acquire controlling stake in financial services company Magma Fincorp via open offer. Rising Star will buy 60 per cent stake in Mumbai based non-banking ...

The existing financial services business of Poonawalla Finance will be consolidated into Magma, subject to compliance with current regulations

The preferential allotment is for an aggregate value of Rs. 3,456 crores, subject to shareholders and other regulatory approvals, the company said.

Adar Poonawalla To Take Over Magma Fincorp Feb 10 2021, 8:54 PM February 10 2021, 8:49 PM February 10 2021, 8:54 PM Adar Poonawalla-controlled Rising Sun Holdings Pvt. has agreed to take over majority shareholding in Mumbai-based non-bank lender Magma Fincorp Ltd.The transaction will be concluded through a preferential share allotment worth Rs 3,456 crore, according to an exchange filing by Magma Fincorp. The lender would be renamed to Poonawalla Finance.Magma Fincorp proposes to allot 45.8 crore shares to Rising Sun Holdings, and 3.57 crore share... Adar Poonawalla-controlled Rising Sun Hold...

Read more about Adar Poonawalla to acquire 60% in Magma Fincorp for Rs 3,456-crore on Business Standard. As a part of deal, Magma will get fresh capital of Rs 3,456 crore