Magma Ventures sells Poonawalla Fincorp's shares worth Rs 200 crore

Magma Ventures on Wednesday sold shares of non-banking financial company Poonawalla Fincorp for Rs 200 crore through an open market transaction.

Magma Ventures, an entity owned by Chamria Family, disposed of shares of Poonawalla Fincorp on the National Stock Exchange (NSE).

Sanjay Chamria and Mayank Poddar co-founded Magma Fincorp Ltd (now known as Poonawalla Fincorp Ltd).

According to the block deal data available with the NSE, Magma Ventures Pvt Ltd offloaded 40.33 lakh equity shares, amounting to a 0.52 per cent stake in Poonawalla Fincorp.

The shares were offloaded at an average price of Rs 495.85 apiece, taking the transaction size to Rs 199.97 crore.

After the latest transaction, Magma Ventures shareholding have declined to nearly 1 per cent from 1.50 per cent stake in Poonawalla Fincorp.

Meanwhile, Rising Sun Holdings Pvt Ltd (RSHPL) bought the shares at the same price. RSHPL, a company controlled by Adar Poonawalla. It is also the promoter of Poonawalla Fincorp.

The scrip of Poonawalla Fincorp fell 0.98 per cent to close at Rs 478 apiece on the NSE.