Money & Bankin

Magma Fincorp open offer from April 8

Our Burea Mumbai | Updated on February 17, 2021 Published on February 17, 2021

Magma Fincorp’s open offer will start on April 8 and close on April 26, it said in a regulatory filing on Wednesday.

“Submission of the detailed public statement regarding the open offer for acquisition of up to 19.88 crore fully paid up equity shares of face value of ₹2 each, representing 26 per cent of the expanded voting share capital of Magma Fincorp by Rising Sun Holdings Private Limited together with Sanjay Chamria and Mayank Poddar,” said the filing.

Axis Capital has been appointed as the manager to the open offer.

On Februrary 10, the two companies had announced that Adar Poonawalla controlled Rising Sun Holdings will take a 60 per cent stake in Magma Fincorp by subscribing to a preferential issue for ₹3,456 crore, triggering an open offer for 26 per cent.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on February 17, 2021
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.