Magma Fincorp has been renamed as Poonawalla Fincorp after Vaccine King Poonawalla. This has come into effect from 22 July. Adar Poonawalla is the chairman of this company.
Magma Fincorp was renamed as Poonawalla Fincorp.
Non-banking financial company Magma Fincorp has been renamed as Poonawalla Fincorp after Vaccine King Poonawalla. This has come into effect from 22 July. Let us tell you that Other Poonawalla has bought a majority stake in this company. As soon as Poonawalla’s name was associated with this NBFC, its shares skyrocketed. Today the share of Magma Fincorp Limited closed in the green at the level of Rs 144.70.
The stock has lost 7.27 per cent in the last one week. There has been a decline of about 7 percent in a month. It has given a return of 23 per cent in three months, 260 per cent so far this year and 475 per cent in the last one year. The promoter holds 73.20 per cent stake in this NBFC. Today its stock closed at the level of 144.70. The 52-week high is Rs 173.65 and the low is Rs 23.90. The market cap of this NBFC is beyond 11 thousand crores.
Adar Poonawalla is the chairman of the company
There was a major reshuffle in the management of this company in the month of June. Vaccine king Other Poonawalla was appointed the chairman of this company. Along with this, Vijay Deswal was appointed as the Chief Executive Officer (CEO) of the company. Prior to that he was the business head of ICICI Bank. Apart from this, Abhay Bhatadu was appointed as the Managing Director of the company.
The controlling stake was bought in February
Serum Institute head Ader Poonawalla bought a controlling stake in Magma Fincorp in February 2021. Poonawalla’s company Rising Sun Holdings had bought 60 per cent stake in Magma Fincorp for 3456 crores. After this deal, the company’s brand changed to Poonawalla Finance.
This company will take entry in credit card business
Recently, there was news that it is planning to get the company into the branded credit card business as well. Apart from this, making another big change in the management, Sanjay Miranka has been appointed as Group Chief Financial Officer (CFO).
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