“The Reserve Bank of India (RBI) does not approve of one investor having a majority stake in two lenders and Bain Capital acquired a 90 per cent majority stake in Tyger Capital and Tyger Home Finance (formerly called Adani Capital and Adani Housing) in 2023,” said a source seeking anonymity.
Another source said the RBI is likely to defer Bain Capital’s proposal but not reject it as it could impact investor sentiment. Shares of Manappuram Finance fell as much as 10 percent in intraday trade today and closed 8 percent lower at Rs 285 apiece on the BSE today.
“Bain Capital will earn better returns from Manappuram Finance than Tyger Capital in the longer term and will now have to submit a phased disinvestment plan for Tyger Capital to RBI, which is likely to result in an approval for Manappuram’s bid,” the source quoted above said.
The RBI, Manappuram Finance and Bain Capital did not respond to queries from the business line till press time. Reuters was the first to report the development.
Manappuram-Bain deal
The deal between Bain Capital and Manappuram was first announced in March 2025. Bain Capital, through its subsidiaries BC Asia Investments XXV Ltd and BC Asia Investments This transaction will trigger a mandatory open offer to purchase an additional 26 percent stake in the company. The open offer price has also been set at ₹236 per share.
Bain Capital is in talks with the RBI over the deal, according to people aware of the development. It expects approval in the short term, with no change to Bain Capital’s intent or commitment. Bain Capital has invested in Tyger Capital and Manappuram Capital through two different group entities, they said.
Published on January 9, 2026
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