Adar Poonawalla and Serum Institute of India Pvt. Ltd. agreed to acquire 29.32% stake in Magma HDI General Insurance Co Ltd. from Poonawalla Fincorp Limited (NSEI:POONAWALLA) for INR 3.6 billion on November 2, 2021. Adar Poonawalla and Serum Institute of India will acquire 45.362281 million shares of Magma HDI General Insurance at INR 79.67 per share.

In a related transaction, Celica Developers Private Limited agreed to acquire additional 48.89% stake in Jaguar Advisory Services Private Limited from Poonawalla Fincorp Limited for approximately INR 1 billion on November 2, 2021. The transaction is subject to approval of the minority shareholders of PFL, and Regulatory approvals including from IRDAI and the Competition Commission of India. As of November 13, 2021, the transaction has been approved by shareholders of Poonawalla Fincorp.

As on December 14, 2021, the Board of Poonawalla Fincorp given approval for sale of investment of equity shares in Magma HDI General Insurance Company Limited. The Valuation report provided by Corporate Professionals Valuation Services Private Limited and Ernst & Young Merchant Banking Services Private Limited acted as Fairness opinion provider to Poonawalla Fincorp. Wadia Ghandy & Co.

acted as legal advisor to Poonawalla Fincorp Limited.