Manappuram Finance secures RBI nod for Bain Capital's stake acquisition of up to 41.66%

Manappuram Finance, a prominent gold loan financier, announced on Saturday that it has secured final approval from the Reserve Bank of India (RBI) for the acquisition of up to 41.66% of its paid-up equity capital and convertible instruments by affiliates of Bain Capital — BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd.

The RBI granted its approval on February 13, 2026, in relation to definitive agreements executed on March 20, 2025. Under these agreements, Bain Capital committed to investing approximately Rs 4,385 crore for an 18% stake on a fully diluted basis, through a preferential allotment of equity shares and warrants at a price of Rs 236 per share.

The transaction also triggers a mandatory open offer for the purchase of an additional 26% stake from public shareholders, at the same price of Rs 236 per share, as per SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Following this acquisition, Bain Capital will be classified as a promoter of the company and will jointly control Manappuram Finance alongside the current promoters. The board will be reconstituted to include nominee directors from Bain Capital, in accordance with the transaction agreements.

Bain Capital’s stake post-investment will range between 18% and 41.7% on a fully diluted basis, which includes shares to be issued upon the exercise of warrants. Meanwhile, the existing promoters are expected to hold 28.9% on a fully diluted basis.

Commenting on the development, V P Nandakumar, MD and CEO of Manappuram Finance, said, “With Bain Capital coming on board as a joint controlling shareholder, we are well-positioned to accelerate growth in our core segments, invest further in technology and risk management capabilities, and build a professionally managed, future-ready financial services company. It will also help us enhance and expand our branch network pan India.”

(With inputs from PTI)