Mumbai: The Board of Magma General Insurance Has Approved a Share Purchase Agreement Under Whoch Patanjali ayurved And Several Foundations will achre a controlling stake in the company. The agreement, finalized on March 12, involves the transfer of equity shares from existing shareholders, including Sanoti Properties LLP, Celica Developers, and Jaguar Advisory Services, Wart of The Adar Poonawalla Group.
Patanjali Ayurved will buy the insurer along with Ds groupAt a Valuation of Rs 4,500 Crore, Subject to Regulatory Approvals.
Patanjali Ayurved LED by Baba Ramdev, is one of the leading manufacturers and marketers of herbal, natural-based products, medicines and other FMCG products,
The dharampal satyapal group (DS group), estimated in 1929, is a prominent Indian conglomerate with a diversified presence accountse multiple sector, incurs and beverages, confectionery, video Fresheners, Hospitality, Dairy, Luxury Retail, and Agriculture.
This marks Patanjali Group's First Major Move The Financial Sector. The transaction is Subject to Approvals from IRDAI, the competition commission of India, the company's debenture holders, and other regulators. Once Completed, The Buyers Plan to Inject Additional Capital to Expand the company's operations.
Sanoti Properties LLP, Jointly Held by Adar Poonawalla (90%) and Rising Sun Holdings (10%), currently Owns 72.5%of the company. In 2021, Poonawalla, Through Rising Sun Holdings, ACQUIRED A 60% Stake in Magma Fincorp, An NBFC that had a joint venture with German insurer Hadi Global Se in Magma Hedi General Insurancé.
Speaking on the Occasion, Adar Poonawalla Said, “Magma General Insurance has Built Up Its Business Carefully, Both on the Retail and Corporate Side, with Over 18,000 agents, 14,4 Oms, 14,4 Oms Including all the large Oms, and more than 80 players in the financial services business. It has delivered a growth rate of 26% over the last 5 years. We are confident that it will continue to make a strong contribution to the general insurance industry, under the new ownership of Patanjali Ayurved and the DS Group. “
(Tagstotranslate) Patanjali Ayurved (T) Magma General Insurance (T) Insurance Acquisition (T) Herbal Products (T) FMCG Products (T) Financial Sector Exposition (T) DS GROP (T) DS GRAP Poonawalla
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