The two individuals — Sanjay Chamria and Mayank Poddar — are existing promoters of Magma Fincorp.
According to a combination notice filed with the regulator, the transaction involves acquisition of 60 per cent stake by Rising Sun Holdings and 4.68 per cent shareholding by the two promoters by way of preferential allotment of equity shares.
The proposed combination will “enable the Acquirer 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 the Target is present,” as per the notice.
“Commission approves acquisition of shareholding in
by Rising Sun Holdings Private Limited, Mr Sanjay Chamria and Mr Mayank Poddar,” the regulator said in a tweet.
In February, the Poonawalla Group and Magma Fincorp had announced that the group will acquire a controlling 60 per cent stake in the company by way of Rs 3,456-crore worth preferential issue of shares.
As part of the transaction, Magma Fincorp proposed to allot 45.80 crore or 60 per cent shares to Rising Sun, and 3.57 crore shares to Sanjay Chamria and Mayank Poddar.
