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Magma Fincorp share price locked in upper circuit after Adar Poonawalla acquires controlling stake in company

There were pending buy orders of 28,173 shares, with no sellers available.

July 23, 2021 / 12:20 PM IST
 
 
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Magma Fincorp share price was locked in 5 percent upper circuit on July 23 after Adar Poonawalla-led Rising Sun Holdings acquired a controlling stake in the company.

The company has been renamed as Poonawalla Fincorp with effect from July 22 after Adar Poonawalla-led Rising Sun Holdings acquired a controlling stake in the non-banking finance company (NBFC).

Magma Housing Finance, a unit of the NBFC, has been renamed Poonawalla Housing Finance, the company said in a statement.

Rising Sun Holdings had acquired a controlling stake in the NBFC through an equity infusion of Rs 3,456 crore.

The transaction was completed on May 21, and Poonawalla was appointed as the company's Chairman on May 31.

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Poonawalla is also the Chief Executive Officer of Serum Institute of India that is manufacturing the Oxford-AstraZeneca vaccine (Covishield) against COVID-19.

At 1155 hours,  Magma Fincorp was quoting at Rs 151.50, up Rs 7.20, or 4.99 percent on the BSE.

There were pending buy orders of 28,173 shares, with no sellers available.
Moneycontrol News
first published: Jul 23, 2021 12:20 pm

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