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Magma Fincorp gets shareholders nod for acquisition of controlling stake by Rising Sun Holdings Pvt. Ltd through Preferential Issue
Adar Poonawalla's Rising Sun Holdings notifies CCI about Magma Fincorp deal The acquisition will enable RSHPL 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. BusinessToday.In | March 4, 2021 | Updated 22:49 IST Rising Sun Holdings is a part of Adar Poonawalla's Rising Sun group of companies. Adar Poonwalla-led Rising Star Holdings Private Ltd (RSHPL) has filed a combination notice with the Competition Commission of India (CCI) about its 60 per cent stake acquisition in financial s...
Magma Fincorp announced that India Ratings & Research has placed the company's bank loan ratings (IND AA-) under Rating watch Evolving(RWE). Ind-Ra is of the view that pursuant to public announcement on 10 February 2021, the Company had announced that its board has accepted a binding offer for an equity infusion of Rs 3460 billion by way of preferential allotment of equity shares to Rising Sun Holdings (RSHPL) an entity controlled by Adar Poonawalla) and its existing promoters (Sanjay Chamria and Mayank Poddar). Subsequently, as per the proposed transaction, RSHPL would hold a stake of 60% in...
Adar Poonawalla-led firm makes open offer to buy additional 26% stake in Magma Fincorp Premium (MINT_PRINT) The open offer is to acquire up to 19,88,32,105 equity shares, constituting 26% of the expanded voting share capital at a price of ₹70 apiece On 10 February, two companies said that Rising Sun Holdings would acquire a 60% stake in Magma Fincorp by subscribing to a ₹3,456-crore preferential issue Share Via Read Full Story Adar Poonawalla- Rising Sun Holdings Pvt Ltd and two other individuals — Sanjay Chamria and Mayank Poddar — proposed an open offer to purchase an additional 2...
Adar Poonawalla-controlled Rising Sun Holdings Pvt Ltd along with two other individuals have made an open offer to buy an additional 26 per cent stake in non-banking financial company Magma Fincorp for a consideration of more than Rs 1,391 crore. Earlier this month, the Poonawalla Group and Magma Fincorp announced that the group will acquire a controlling 60 per cent stake in the company by way of a Rs 3,456-crore-worth preferential issue of shares. Besides Rising Sun, Magma Fincorp will allot preferential shares to two members of the promoter group -- Sanjay Chamria and Mayank Poddar -- f...