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Poonawalla Fincorp to sell stake in Magma General Insurance to group firm

Business Line  

The board of directors of Poonawalla Fincorp Ltd (PFL) has approved divestment of the company's direct and indirect shareholding in Magma HDI General Insurance in order to comply with the norms of the Reserve Bank of India and insurance sector regulator, IRDAI. Sanoti Properties, held by Adar Poonawalla and Serum Institute of India, will acquire the stake of the company in Magma HDI. PFL will also divest its 48.89% shareholding in Jaguar Advisory to Celica Developers, the joint venture partner in Jaguar Advisory.

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