Two Individuals Offload Poonawalla Fincorp Shares For Rs 290 Crore

Two individuals on Monday offloaded shares in NBFC company Poonawalla Fincorp Ltd for Rs 290 crore through open market transactions. The two individuals are Sanjay Chamria and Mayank Poddar, who were the co-founders of Magma Fincorp Ltd (now known as Poonawalla Fincorp Ltd).

According to the block deal data available with the National Stock Exchange (NSE), Chamria and Poddar together sold a total of 1 crore shares, amounting to 1.08 per cent and 0.22 per cent stake respectively, in the firm. The shares were disposed of at an average price of Rs 290 apiece, taking the combined transaction value to Rs 290 crore.

These shares were acquired by Aditya Birla Sun Life Mutual Fund, Plutus Weath Management and ABSL Umbrella UCITS Fund Plc-India Frontline Equity Fund. Chamria served as the vice-chairman and MD of Magma while Poddar served as the chairman emeritus of the company. Shares of Poonawalla Fincorp closed 3 per cent higher at Rs 301.70 per piece on the NSE.

In a separate transaction, FIH Mauritius Investments Ltd, a wholly-owned subsidiary of Fairfax India Holdings Corp, offloaded 49.96 lakh shares of 360 One Wam for Rs 210 crore through an open market transaction. 360 One Wam was formerly known as IIFL Wealth Management.

FIH Mauritius Investments disposed 49,96,229 shares, amounting to 1.4 per cent stake in the firm, as per the bulk deal data available with the NSE. The shares were sold at an average price of Rs 420.03 per piece, taking the aggregate value to Rs 209.85 crore. However, buyer(s) of the shares could not be identified. On Monday, shares of 360 One Wam closed 5.87 per cent lower at Rs 403 apiece on the NSE.