Magma Fincorp percentage charge become locked in five percentage higher circuit on July 23 after Adar Poonawalla-led Rising Sun Holdings obtained a controlling stake withinside the business enterprise.
The business enterprise has been renamed as Poonawalla Fincorp with impact from July 22 after Adar Poonawalla-led Rising Sun Holdings obtained a controlling stake withinside the non-banking finance business enterprise (NBFC).
Magma Housing Finance, a unit of the NBFC, has been renamed Poonawalla Housing Finance, the business enterprise stated in a statement.
Rising Sun Holdings had obtained a controlling stake withinside the NBFC via an fairness infusion of Rs 3,456 crore.
The transaction become finished on May 21, and Poonawalla become appointed because the business enterprise’s Chairman on May 31.
Poonawalla is likewise the Chief Executive Officer of Serum Institute of India this is production the Oxford-AstraZeneca vaccine (Covishield) towards COVID-19.
At 1155 hours, Magma Fincorp become quoting at Rs 151.50, up Rs 7.20, or 4.ninety nine percentage at the BSE.
There had been pending purchase orders of 28,173 shares, without a dealers available.