The final approval granted by the RBI is subject to conditions, including Manappuram’s obligation to advise Bain to provide an action plan to the RBI | Photo credit: Dado Ruvic
This follows Manappuram Finance’s announcement on Saturday that it has received conditional approval from the Reserve Bank of India (RBI) for Bain Capital’s proposed acquisition of up to 41.66 per cent of the company’s paid-up share capital/convertible instruments.
The final approval granted by the RBI is subject to conditions, including Manappuram’s obligation to advise Bain to submit an action plan to the RBI to ensure that there will not be more than one non-banking financial company (NBFC) of the same category/housing finance company in which Bain has majority ownership and control.
This condition essentially requires Bain to divest its majority stake in Tyger Capital – where it owns about 90 percent stake – if it wants to acquire a majority stake in Manappuram Finance, sources said.
Further, Manppuram Finance also said that the RBI’s approval in respect of Asirvad Micro Finance (its MFI arm) and Manappuram Home Finance for the underlying proposed investment and the Open Offer is pending. The Tyger group also has a home finance subsidiary called Tyger Home Finance, where Bain Capital is also the majority shareholder.
Bain Capital declined to comment for this report, while Tyger Capital did not formally respond to questions from the company business line until press time. Analysts said Bain Capital could generate better investment returns from Manappuram Finance compared to Tyger Capital.
“For Bain, given the strong brand and business position that Manappuram offers, Manappuram will be an attractive investment,” said Kranthi Bhatini, director of equity strategy at WealthMills Securities.
Published on February 15, 2026
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