Poonawalla co makes open offer to buy more stake in Magma Fincorp

Adar P oonawalla-controlled Rising Sun Holdings Pvt Ltd along with tw o other indi viduals ha ve made an open of fer to b uy an additional 26 per cent stake in non-banking financial company Ma gma Fincor p f or a consideration of more than Rs 1,391 crore.

Earlier this month, the Poonawalla Group and Magma Fincorp announced that the group will acquire a controlling 60 per cent stake in the company by way of a Rs 3,456-croreworth pr eferential issue of shares.

Besides Rising Sun, M agma Fincor p will allot pr eferential shares to two members of the promoter g roup -- Sanjay Chamria and Mayank Poddar -- for Rs 250 crore, taking the total capital infusion in th company to Rs 3,456 crore.

The preferential allotment represents 64.68 per cent of Magma's e nhanced equity share capital post-issue and based on the cur rent shareholding, Rising Sun will hold 60 per cent stak e and the existing pr omoter group's stak e will come down to 13.3 per cent.

The promoter and promoter g roup cur rently hold 24.39 per cent in Magma.

Axis Ca pital, w hich has been appointed as the manager for the open offer by the three acquiring entities, submitted details about the open offer to the stock exchanges on Wednesday.