Magma Fincorp

According to block deal data available with the BSE, Sanjay Chamria and Mayank Poddar sold 27,06,350 shares each at an average price of Rs 222 apiece, taking the transaction size to Rs 120.16 crore.

Fair trade regulator CCI has cleared the proposed acquisition of majority stake in Magma HDI General Insurance Company Ltd by Sanoti Properties LLP. Sanoti is into the business of development of commercial and residential real estate projects. As per a notice filed with the Competition Commission of India (CCI), the proposed combination is being undertaken in order to ensure compliance with the mandatory regulations of the Insurance Regulatory and Development Authority of India (IRDAI). CCI has approved "acquisition of 55.39 per cent of the total equity share capital of Magma HDI General Insurance Company Limited by Sanoti Properties LLP," according to a tweet on Wednesday. Under the deal, Sanoti would acquire shares constituting 55.39 per cent of the total equity share capital of Magma HDI. It would also involve buying shares of Magma HDI held by certain shareholders -- Poonawalla Fincorp Ltd and Serum Institute of India Pvt Ltd. Transactions beyond certain thresholds require the

In Q4, AUM grew 16.5 per cent year-on-year and 8.9 per cent quarter-on-quarter at Rs 16,579 crore.

In the past six months, the stock has been more-than-doubled or zoomed 110 per cent, as compared to 3.3 per cent decline in the S&P BSE Sensex.

Apart from barring the eight entities, including seven individuals from the securities market, Sebi, in September 2021, had also ordered impounding of wrongful gains worth over Rs 13 crore

Sebi on Wednesday barred Abhay Bhutada, the MD and CEO of Poonawalla Fincorp, and seven others from accessing the securities market for allegedly insider trading in shares of the company

The company would also look at listing its housing finance subsidiary with an AUM of Rs 10,000 crore

While Rajendra Tathare is Chief Credit Officer, Rashmi Prasad is Head Analytics. Others include Mitul Budhbhatti, Manish Kumar, Surya V and Indiresh Phaltankar

Poonawalla group acquired Magma Fincorp Ltd is pleased to announce the joining of Sanjay Miranka as its Group Chief Financial Officer (Group CFO) effective today.Sanjay will lead the group's resource raising, regulatory compliance & governance, investor interactions, corporate legal, and work with the MD and Group CEO on the strategic transformation.Sanjay is a qualified CA and CS and comes with over 26 years of rich experience across a diverse set of industries like Financial Services, Edible Commodities, and Telecom. He was recently associated with Aditya Birla Finance Ltd (ABFL) for close to 18 years in various capacities such as Head of Capital Market Lending Business and later as CFO.In his tenure as CFO, ABFL's long-term credit rating moved up from "AA+" to "AAA" and he has been instrumental in diversifying the funding sources and achieving one of the lowest cost of funds in the NBFC sector.For his outstanding contribution, he was conferred with "The Best CA CFO Award in ..

Magma Fincorp on Friday said it plans to enter into an arrangement for issuance of co-branded credit cards

Vijay Deshwal has today joined Poonawalla group acquired Magma Fincorp Ltd, as its Group CEO.In his new role, he would be responsible for the Lending and Housing Finance business along with its Insurance business. He will be based out of the Pune corporate office.Vijay Deshwal, a post-graduate from Indian Institute of Management Ahmedabad (IIMA) is a seasoned banker with a track record of two decades. His experience spans across segments of banking, corporate finance, international business, and operations. He has an enviable track record of growing businesses with an overall approach of customer centricity and profitability.In his last role, Vijay was associated with ICICI Bank as a Business Head responsible for the fast-growing services sector business including new age businesses focused on technology and digital intervention.Having handled pan-India financial institutions including NBFCs for over six years, Vijay has a vast understanding of various asset classes and the ...

Volumes remained thin as the 75 per cent peak margins norms come into effect from today

The company has appointed Adar Poonawala as its chairman as part of a management overhaul following the Poonawala-controlled Rising Sun Holdings acquiring a controlling stake in it

State-owned Canara Bank on Monday said it has appointed S K Majumdar as its chief financial officer (CFO) with immediate effect

Vijay Deshwal, currently with ICICI Bank as its business head, will take charge as CEO of Magma Fincorp in July

The company had posted net loss of Rs 355.08 crore during the January-March period of FY20

Infrastructure investment trust IndiGrid said its board of investment managers has approved a proposal to raise up to Rs 5,300 crore, including through term loans and issuance of debentures

ICICI Venture, Morgan Stanley PE Asia, Cyza Chem have put in money

The shareholders have approved the company's plan to raise up to Rs 3,456 crore by issuing preference equity shares to Adar Poonawalla-led firm

The networth of the company will increase to over Rs 6,300 crore post the issuance