Rising Sun Holdings to acquire a 60% stake in Magma Fincorp for $474m.

Rising Sun Holdings, a company controlled by Mr. Adar Poonawalla, agreed to acquire a 60% stake in Magma Fincorp, a non-banking financial company, for $474m. "I am excited at this opportunity to infuse majority capital for controlling stake of Magma Fincorp. I see an unlimited potential in India in the financial space as our economy is poised to grow in double digits and this ties in with our Group philosophy of serving the needs and dreams of the nation, and financial service plays an important role in supporting and fuelling the growth of our country. This transaction is subject to statutory and regulatory approvals," Adar Poonawalla, Rising Sun Holdings Director.