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Adar Poonawalla group firm-controlled Magma Fincorp Ltd has appointed former Aditya Birla Finance executive Sanjay Miranka as its group chief financial officer (CFO) from today, the company said in a statement. 

Prior to this, Miranka worked at Aditya Birla Finance for over 18 years with nearly six years as the CFO and remaining as a senior vice president and head of capital market group. 

Besides a brief stint with Idea Cellular, chartered accountant and company secretary Miranka has around 26 years of experience across industries including financial services, edible commodities and telecom. 

Magma Fincorp

In February this year, Serum Institute CEO Adar Poonawalla-owned Rising Sun Holdings decided to acquire a controlling stake in Magma Fincorp, where promoters including the Poddar family currently hold 24.39%. 

The Mumbai-based non-bank lender is backed by private equity firms True North, ChrysCapital, LeapFrog Investments, Netherlands Development Finance and World Bank’s International Finance Corporation (IFC). 

Founded in 1988 in Kolkata, rural and semi-urban sector-focused Magma Fincorp offers a bouquet of financial products including commercial finance, agri finance, SME finance, mortgage finance and general insurance with 297 branches and a presence across 21 states. 

The firm with a 5.4 million customer base manages a loan book of Rs 14,225 crore, the company said. 

In 2017, LeapFrog Investments made a partial exit with about 30% returns by selling 2.2% stake in the NBFC after over two years of investment. A year later KKR logged out by selling its 14.09% stake. 

The same year, Amansa Holdings Pvt Ltd, through its affiliate Amansa Capital Pte Ltd, picked up a 3.83% stake; ICICI Prudential Life Insurance Company Ltd and HDFC Standard Life Insurance Co Ltd acquired a 1.68% stake; Goldman Sachs India Ltd, via Goldman Sachs Asset Management India Pvt. Ltd, owned a 1.44% stake; and DB International Asia Ltd, through an affiliate of DB International GmbH, picked up a 0.60% stake. 

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