Magma Fincorp gains 9%

magma

Magma Fincorp share price jumped over 9 percent in the morning session on February 11 on news that Adar Poonawalla-backed firm will acquire majority stake in the company.

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.

News Source:- Moneycontrol

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