Poonawalla Fincorp Limited Update on Board Composition

Mr. Sanjay Chamria has stepped down as the Executive Vice Chairman of Poonawalla Fincorp Limited after serving as the co-founder since inception of the Company. Throughout the years the Company has seen several highlights, one of the biggest being the investment by Rising Sun Holdings Private Limited and Mr. Adar Poonawalla joining the board as the Chairman. This investment has increased the shareholder value and has poised the Company to achieve robust growth and herald a new journey under the new management and the new promoter.

With the new leadership team having taken full charge under the chairmanship of Mr. Adar Poonawalla, the new promoter, Mr. Chamria has decided to step down as the Executive Vice Chairman and also from the Board of the Company.

Adar Poonawalla, Chairman, Poonawalla Fincorp said, "Mr. Chamria has been associated with the Company since inception and led the company with distinction. Now he has decided to retire as the professional leadership team has taken over the reins of the management. We wish Mr. Chamria all the very best in his future endeavors and record our appreciation of his contribution to the growth of the Company."

Shares of Magma Fincorp Limited was last trading in BSE at Rs. 196.15 as compared to the previous close of Rs. 186.85. The total number of shares traded during the day was 1091739 in over 7923 trades.

The stock hit an intraday high of Rs. 196.15 and intraday low of 180.75. The net turnover during the day was Rs. 210757245.00.

Source : Equity Bulls

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PoonawallaFincorpLimited INE511C01022 BoardComposition