Let’s understand latest action taken on #PoonawalaFincorp #MagmaFincorp by SEBI, behind the scenes and what were recent development in company
Action Taken by SEBI and Reasons
-SEBI received insider trading alerts in Magma when the announcement was made regarding acquisition of a controlling stake in the Company by Rising Sun Holding (RSHPL, controlled by Poonawala group owned by Adar Poonawala,Serum Institute Owner).
-SEBI received insider trading alerts in Magma when the announcement was made regarding acquisition of a controlling stake in the Company by Rising Sun Holding (RSHPL, controlled by Poonawala group owned by Adar Poonawala,Serum Institute Owner).
-Magma made a preferential allotment to RSHPL to raise fresh capital of ₹3,456 crores.
-Discussion started with the conversation between Mr. Abhay Bhutada (was working as Managing Director and CEO of Poonawalla Finance Pvt Ltd) & Kailash Baheti,CFO of Magma.
-Discussion started with the conversation between Mr. Abhay Bhutada (was working as Managing Director and CEO of Poonawalla Finance Pvt Ltd) & Kailash Baheti,CFO of Magma.
Abhay Bhutada took position in Magma through its relatives accounts before the deal and post deal announcement, sold off the positions
Conclusion is pending but to protect the interests of investors, order is passed that they are banned to deal in securities until further orders
Conclusion is pending but to protect the interests of investors, order is passed that they are banned to deal in securities until further orders
Now Let’s understand what was the corporate action and what is the new promoter & management vision for company
-Magma Promoter was holding ~74% stake before the acquisition.
-RSHPL owned by Adar Poonawala bought 60% stake from Magma promoter
-Magma Promoter was holding ~74% stake before the acquisition.
-RSHPL owned by Adar Poonawala bought 60% stake from Magma promoter
-Reason behind this acquisition was, RSHPL was into NBFC space and they see good growth opportunity in this space in coming years and would like to grow their portfolio by 20-25%
-After acquisition, RSHPL brought in complete new professional management to execute their vision
-After acquisition, RSHPL brought in complete new professional management to execute their vision
Below are the details of new core management committee and their prior experience
- Mr. Vijay Deshwal as C.E.O. (20+ years with ICICI Bank)
- Mr. Rajendra Tathare as Chief Credit Officer (15 years with Fullerton India)
- Mr. Vijay Deshwal as C.E.O. (20+ years with ICICI Bank)
- Mr. Rajendra Tathare as Chief Credit Officer (15 years with Fullerton India)
- Mr. Rashmi Prasad as Head Analytics (16+ years with Tata Capital, Bajaj Fin. and L&T Fin.)
- Mr. Mitul Budhbhatti in Credit & Risk Monitoring team (15+ years exp. with CARE Rating)
- Mr. Manish Kumar as a Group Chief Human Resources Officer (worked in RBS, IDFC & ICICI bank)
- Mr. Mitul Budhbhatti in Credit & Risk Monitoring team (15+ years exp. with CARE Rating)
- Mr. Manish Kumar as a Group Chief Human Resources Officer (worked in RBS, IDFC & ICICI bank)
- Mr. Surya V as Chief Strategy Officer (20+ years in BFSI Segment & with ICICI Bank)
- Mr. Indiresh Phaltankar as Business Head in LAP Business (20+ years with HSBC and Aditya Birla Finance)
End of thread
Disc. - Not Invested
- Mr. Indiresh Phaltankar as Business Head in LAP Business (20+ years with HSBC and Aditya Birla Finance)
End of thread
Disc. - Not Invested
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