Adar Poonawalla to acquire 60% in Magma Fincorp for Rs 3,456-crore

As a part of deal, Magma will get fresh capital of Rs 3,456 crore

Adar Poonawalla-controlled Rising Sun Holdings will acquire a 60 per cent stake in non-banking financial company (NBFC) Magma Fincorp by subscribing to a Rs 3,456-crore preferential issue. After the infusion of capital, Magma and its subsidiaries will be renamed and rebranded Poonawalla Finance. 

Poonawalla Finance is an existing finance company owned by the Poonawalla family, which owns and controls Serum Institute of India. As part of the deal, Magma Fincorp (MFL) will allot 458 million shares to Rising Sun Holdings, and 35 million shares to Sanjay Chamria and Mayank Poddar, Magma and Poonawalla Finance said in a joint statement on