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Magma Fincorp jumps 10% as Adar Poonawalla to acquire 60% stake in firm

Adar Poonawalla-controlled Rising Sun Holdings will acquire a 60 per cent stake in non-banking financial company by subscribing to Rs 3,456-crore preferential issue

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Magma Fincorp | Buzzing stocks | NBFC

SI Reporter  |  Mumbai 

Magma Fincorp
The stock of Magma Fincorp hit a fresh 52-week high in trade today

Shares of (MFL) were locked in upper circuit of 10 per cent at Rs 93.40 on the BSE in Thursday's intra-day trade after the company announced that Adar Poonawalla-controlled Rising Sun Holdings will acquire a 60 per cent stake in the non-banking financial company (NBFC) by subscribing to Rs 3,456-crore preferential issue. After the infusion of capital, Magma and its subsidiaries will be renamed and rebranded Poonawalla Finance.

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First Published: Thu, February 11 2021. 09:52 IST
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