Bain Capital secures RBI approval for major stake in Manappuram Finance

Gold loan financier Manappuram Finance on Saturday said it has received final approval from the Reserve Bank of India (RBI) for the proposed acquisition of up to 41.66 per cent of the company’s paid-up share capital/convertible instruments by subsidiaries of Bain Capital – BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd.The RBI’s approval, announced on February 13, 2026, is in connection with the definitive agreements executed on March 20, 2025, under which Bain Capital committed to invest approximately Rs 4,385 crore to acquire an 18 percent stake on a fully diluted basis through preferential allotment of shares and warrants at a price of Rs 236 per share, Manappuram Finance said in a statement.

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

With this approval, Bain Capital will be classified as promoter of the company and will jointly control Manappuram Finance along with the existing promoters.

The board will be reconstituted and will consist of nominated directors from Bain Capital, in line with the transaction agreements, the company said.

Based on the open subscription, Bain Capital’s stake after the investment will range between 18 percent and 41.7 percent on a fully diluted basis (including shares to be issued pursuant to the exercise of warrants), the company said.

The existing promoters will hold 28.9 percent on a fully diluted basis after the investment, the report said.

“With Bain Capital coming on board as a co-controlling shareholder, we are well positioned to accelerate growth in our core segments, further invest in technology and risk management capabilities, and build a professionally managed, future-proof financial services business. It will also help us enhance and expand our branch network across India,” said Manappuram Finance MD and CEO VP Nandakumar.