Aditya Birla Sun, Plutus Wealth buy stake in Poonawalla Fincorp through block deal

Aditya Birla Sun Life Mutual Fund, Plutus Weath Management, and ABSL Umbrella UCITS Fund Plc-India Frontline Equity Fund have acquired a stake in Poonawalla Fincorp Ltd, an NBFC which was earlier known as Magma Gincorp Ltd.

Sanjay Chamria and Mayank Poddar, who were the co-founders of the company, sold their shares in NBFC for Rs 290 crore through open market transactions on Monday, according to the block deal data available with the National Stock Exchange (NSE). Chamria sold 83 lakh shares (1.08 per cent stake) while Poddar offloaded 17 lakh shares (0.22 per cent stake) in Pooawalla Fincorp.

The shares were sold at Rs 290 each, taking the total value of the shares to Rs 290 crore.

ABSL Umbrella UCITS Fund bought 3.56 lakh shares, amounting to 0.04 per cent stake, and Plutus Wealth Management bought 17.24 lakh shares, amounting to 0.22 per cent stake in the company, the NSE data showed.

Poonawalla Fincorp shares closed 3.11 per cent higher on Monday, 18 April at Rs 302.05 apiece, while the benchmark Nifty 50 declined 0.68 per cent.