Magma Fincorp hits 52-week high as Rising Sun eyes majority stake
Thu, Feb 11, 2021 10:54 AM

Magma Fincorp hits 52-week high as Rising Sun eyes majority stake

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Magma Fincorp touched a 52-week high of Rs 93.40 in the morning session on February 11 on news that Adar Poonawalla-backed Rising Sun Holdings will acquire a majority stake in the company. Rising Sun Holdings is controlled in personal capacity by Serum Institute of India CEO Adar Poonawalla. The deal will be carried out via a preferential issue of Magma Fincorp's equity shares worth Rs 3,456 cr.

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