The Poonawala Group on Monday announced a new management structure for Magma Fincorp, which it had taken over for Rs 3,456 crore, appointing a new chairman, managing director, and a chief executive.

The Adar Poonawala-controlled Rising Sun Holdings, the financial services arm of the group known globally for its vaccines, had completed the acquisition of the city-based non-bank lender earlier this month. The board of Magma appointed Adar Poonawalla as the Chairman while Abhay Bhutada, who is the Chief Executive of the Poonawala Finance, will be the Managing Director.

Vijay Deshwal, a seasoned banker with a track record of over two decades, will take over as the Chief Executive of Magma Fincorp from July, according to a statement. Sanjay Chamria will continue as the Vice Chairman of the company and will guide the new team during the transition, the company said.

Magma has improved its operating performance in the financial year 2020-21 and reported an increase in NIMs, reduction in operating expense ratios, and cost of funds. A higher write-off led the company to report an Rs 863.58 crore net loss on a standalone basis in the March quarter as against Rs 17.36 crore profit in the December 2020 quarter and Rs 4.11 crore a year ago.

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