CCI approves acquisition of shareholding in Magma Fincorp Limited

Last updated: 12 April 2021

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The Competition Commission of India (CCI) has given the green light for Rising Sun Holdings Private Limited, along with Mr Sanjay Chamria and Mr Mayank Poddar, to acquire a stake in Magma Fincorp Limited. Magma Fincorp is a significant non-banking financial company (NBFC) focusing on rural and semi-urban financial services. Rising Sun Holdings is part of Mr Adar Poonawalla's group and also operates in the financial services sector.

CCI approves acquisition of shareholding in Magma Fincorp Limited by Rising Sun Holdings Private Limited and Mr Sanjay Chamria and Mr Mayank Poddar

The Competition Commission of India (CCI) approves acquisition of shareholding in Magma Fincorp Limited by Rising Sun Holdings Private Limited and Mr Sanjay Chamria and Mr Mayank Poddar.

The proposed combination envisages acquisition of stake in Magma Fincorp Limited (Magma Fincorp) by Rising Sun Holdings Private Limited (Rising Sun) and Mr Sanjay Chamria and Mr Mayank Poddar.

Rising Sun is part of Mr Adar Poonawalla’s Rising Sun group of companies. It is present in the financial services sector through its subsidiary, Poonawalla Finance Private Limited, which is a systemically important non-deposit taking non-banking finance company (NBFC).

CCI Approves Magma Fincorp Shareholding Acquisition

Magma Fincorp is also a systemically important non-deposit taking NBFC. 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.

Detailed order of the CCI will follow.

FAQ :

The Competition Commission of India (CCI) has approved the acquisition of shareholding in Magma Fincorp Limited.

Rising Sun Holdings Private Limited, Mr Sanjay Chamria, and Mr Mayank Poddar are acquiring a stake.

Magma Fincorp Limited is a systemically important non-deposit taking non-banking finance company (NBFC).

Magma Fincorp offers commercial finance, agri-finance, SME finance, mortgage finance, and general insurance, with a focus on rural and semi-urban sectors.

Rising Sun Holdings Private Limited is part of Mr Adar Poonawalla's Rising Sun group of companies.

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