Manappuram Finance has received the Reserve Bank of India’s final approval for the proposed acquisition of joint control and 41.66% shareholding in the company’s paid-up equity capital and convertible instruments by Bain Capital.
In March 2025, Bain Capital, through its affiliates BC Asia Investments XXV and BC Asia Investments XIV, had committed to invest about ₹4,385 crore to acquire an 18% stake at ₹236 per share. The transaction also triggered a mandatory open offer to purchase an additional 26% stake from public shareholders at ₹236 per share. Bain Capital’s stake post-investment will range between 18% and 41.7% on a fully diluted basis, including shares to be issued upon exercise of warrants. The existing promoters will hold 28.9% post-investment on a fully diluted basis.
“With Bain Capital coming on board as a joint controlling shareholder, we are well-positioned to accelerate growth in our core segments, invest further in technology and risk management capabilities, and build a professionally managed, future-ready financial services company,” said V P Nandakumar, MD & CEO, Manappuram Finance, in a statement.
Bain Capital will be classified as a promoter of Manappuram Finance and will jointly control the gold loan NBFC along with the existing promoters. The board will be reconstituted to include nominee directors of Bain Capital, in line with the transaction agreements, the company added.