Daijiworld Media Network – Mumbai

Mumbai, Feb 15: Gold loan financier Manappuram Finance on Saturday said it has received final approval from the Reserve Bank of India for the proposed acquisition of up to 41.66 per cent of the company’s paid-up equity capital/convertible instruments by affiliates of Bain Capital — BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd.

The RBI approval, communicated on February 13, 2026, pertains to the definitive agreements executed on March 20, 2025, under which Bain Capital committed to invest approximately Rs 4,385 crore to acquire an 18 per cent stake on a fully diluted basis through preferential allotment of equity shares and warrants at Rs 236 per share, the company said in a statement.

The transaction also triggers a mandatory open offer for the purchase of an additional 26 per cent stake from public shareholders at Rs 236 per share, in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Following the approval, Bain Capital will be classified as a promoter and will jointly control Manappuram Finance along with the existing promoters. The company’s board will be reconstituted to include nominee directors of Bain Capital in line with the transaction agreements.

Based on the open offer subscription, Bain Capital’s stake post-investment will range between 18 per cent and 41.7 per cent on a fully diluted basis, including shares to be issued upon exercise of warrants. The existing promoters will hold 28.9 per cent post-investment on a fully diluted basis.

Manappuram Finance MD and CEO V P Nandakumar said the partnership with Bain Capital as a joint controlling shareholder would help accelerate growth in core segments, strengthen technology and risk management capabilities, and expand the company’s branch network across India.