Adar Poonawalla made an open offer to acquire 26% stake in Magma Fincorp Limited (NSEI:MAGMA) for INR 13.9 billion on February 10, 2021. Adar Poonawalla will acquire 198.8 million shares at INR 70 per share. The sources of funds for Adar Poonawalla are internal accruals and capital infusion. The completion of the Open Offer is subject to receipt of statutory and other regulatory approvals, as applicable. The transaction has been approved by Magma Fincorp Limited shareholders at an extraordinary general meeting held on March 9, 2021. This Open Offer is not subject to any minimum level of acceptance. As of April 12, 2021, The Competition Commission of India has approved the transaction. The tender offer will commence on April 8, 2021 with the expiry set to April 26, 2021. As of April 28, 2021, offer period has been extended from April 26, 2021 to May 18, 2021. Ankit Bhatia of Axis Capital Limited acted as manager to the Open Offer for Adar Poonawalla. Arindam Ghosh, Abhishek Dadoo, Jaidev Mehrotra, Anisha Chand, Moin Ladha and Niren Patel of Khaitan & Co acted as legal advisors for Adar Poonawalla. Sumeet Deshpande of Link Intime India Private Limited acted as registrar to the offer. Adar Poonawalla made an open offer to acquire 0.0007% stake in Magma Fincorp Limited (NSEI:MAGMA) for INR 0.37 million on May 18, 2021.