Thrissur, March 19 (UNI) In a decisive boost to its expansion plans, Kerala-based NBFC major Manappuram Finance Ltd has secured all regulatory approvals, including the crucial clearance from the Reserve Bank of India (RBI), for global private equity giant Bain Capital to acquire joint control of the company and its subsidiaries.
The RBI approvals extend to key subsidiaries — Asirvad Micro Finance Limited (AMFL) and Manappuram Home Finance Limited (MHFL) — permitting an indirect change in ownership and management following Bain Capital’s proposed stake acquisition through its affiliates.
With this, the path is now clear for Bain Capital’s planned investment of around Rs4,385 crore in Manappuram Finance, along with the mandatory open offer under SEBI’s takeover norms.
The companies aim to complete the capital infusion by March 31, 2026, while the open offer will follow the prescribed regulatory schedule.
Post-transaction, Bain Capital is expected to hold a stake ranging between 18 per cent and 41.66 per cent on a fully diluted basis, depending on the open offer subscription. The existing promoters will retain a 28.9 per cent stake.
Upon completion, Bain Capital will be designated as a promoter and will share joint control of the company with the current promoters. The boards of Manappuram Finance and its subsidiaries will be restructured to include Bain Capital’s nominee directors, as outlined in the agreement.
The landmark deal is seen as a strategic move to bolster Manappuram’s capital strength and accelerate growth across its diversified financial services portfolio.
