Adar Poonawalla's Rising Sun Holdings notifies CCI about Magma Fincorp deal

Adar Poonawalla's Rising Sun Holdings notifies CCI about Magma Fincorp deal

The acquisition will enable RSHPL to achieve higher efficiencies in its existing businesses in the financial lending space as well as expand and diversify its operations in other business areas.

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Rising Sun Holdings is a part of Adar Poonawalla's Rising Sun group of companies.Rising Sun Holdings is a part of Adar Poonawalla's Rising Sun group of companies.
BusinessToday.In
  • Mar 4, 2021,
  • Updated Apr 13, 2021 8:31 AM IST

Adar Poonwalla-led Rising Star Holdings Private Ltd (RSHPL) has filed a combination notice with the Competition Commission of India (CCI) about its 60 per cent stake acquisition in financial services company Magma Fincorp Ltd.

As part of the deal, RSHPL will acquire 60 per cent stake in Magma Fincorp, while the non-banking financial company's promoter Sanjay Chamria and Mayank Poddar will acquire 4.68 per cent shareholding.

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The acquisition will enable RSHPL to achieve higher efficiencies in its existing businesses in the financial lending space as well as expand and diversify its operations in other business areas where Magma Fincorp is present, the notice said.

RSHPL is a private limited company, primarily engaged in making investments, leasing property on rent and information sharing/business referencing. It is a part of Poonawalla's Rising Sun group of companies.

RSHPL is present in financial services sector through its subsidiary Poonawalla Finance Private Limited, which is a systemically important non-deposit taking non-banking finance company (NBFC).

RSHPL is also engaged in business activities in relation to the provision of rental accommodation, production of hygiene products, exhibiting art and cultural artifacts, and providing management consultancy services through its subsidiaries and associate entities.

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Magma Fincorp is also a systemically important non-deposit taking NBFC. Along with its subsidiaries and joint ventures, it offers a bouquet of financial products including commercial finance, agri finance, SME finance, mortgage finance and general insurance with focus on the rural and semi-urban sectors.

Magma Fincorp to raise up to Rs 3,000 crore in FY22

Adar Poonwalla-led Rising Star Holdings Private Ltd (RSHPL) has filed a combination notice with the Competition Commission of India (CCI) about its 60 per cent stake acquisition in financial services company Magma Fincorp Ltd.

As part of the deal, RSHPL will acquire 60 per cent stake in Magma Fincorp, while the non-banking financial company's promoter Sanjay Chamria and Mayank Poddar will acquire 4.68 per cent shareholding.

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The acquisition will enable RSHPL to achieve higher efficiencies in its existing businesses in the financial lending space as well as expand and diversify its operations in other business areas where Magma Fincorp is present, the notice said.

RSHPL is a private limited company, primarily engaged in making investments, leasing property on rent and information sharing/business referencing. It is a part of Poonawalla's Rising Sun group of companies.

RSHPL is present in financial services sector through its subsidiary Poonawalla Finance Private Limited, which is a systemically important non-deposit taking non-banking finance company (NBFC).

RSHPL is also engaged in business activities in relation to the provision of rental accommodation, production of hygiene products, exhibiting art and cultural artifacts, and providing management consultancy services through its subsidiaries and associate entities.

Advertisement

Magma Fincorp is also a systemically important non-deposit taking NBFC. Along with its subsidiaries and joint ventures, it offers a bouquet of financial products including commercial finance, agri finance, SME finance, mortgage finance and general insurance with focus on the rural and semi-urban sectors.

Magma Fincorp to raise up to Rs 3,000 crore in FY22

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