Fincorp MD exit won’t affect business: Adar Poonawalla

By: |
Updated: September 21, 2021 8:34 AM

He currently holds 60% in Poonawalla Fincorp, after acquiring a majority stake in Magma Fincorp and re-naming it.

Adar PoonawallaPoonawalla said he would put in a small amount and offer bulk of the rest to investors if the old promoter sold their stakes.

Adar Poonawalla, chairman of Poonawalla Fincorp, said at an investor call that the original promoters of the company (Sanjay Chamria, promoter of erstwhile Magma Fincorp) were willing to sell their stake in Poonawalla Fincorp and he would buy their stake along with other investors.

He currently holds 60% in Poonawalla Fincorp, after acquiring a majority stake in Magma Fincorp and re-naming it. Poonawalla said he would be happy to raise his stake but did not want to take his holding to 70%. He wanted to have a larger retail participation in the firm’s growth story. Poonawalla said he would put in a small amount and offer bulk of the rest to investors if the old promoter sold their stakes.

Calling the Poonawalla Fincorp managing director, Abhay Bhutada’s resignation as an unfortunate incident, Poonawalla said his exit would not affect business.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1DLF Q2 FY22 net profit up 61% to Rs 380 crore
2Will focus on retail, corporate sectors for credit growth: Shanti Lal Jain, MD & CEO, Indian Bank
3Reliance Jio clears all dues amounting to Rs 10,700 crore for 2016 spectrum auction