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₹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...

Read more about Adar Poonawalla-backed firm takes over Magma Fincorp in Rs 3,456 cr deal on Business Standard. The company, which has a fledgeling NBFC arm called Poonawalla Finance which lends mostly to professionals, said the acquisition will be done through a group company called Rising Sun Holdings

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 to invest ₹3,456 cr in Magma Fincorp to get a majority stake in the company.Post issuance, the company's net worth will increase to over ₹6,300 crore

Rising Sun Holdings, a company controlled by Mr. Adar Poonawalla to acquire controlling stake in Magma Fincorp Limited