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Indian lender Manappuram gets RBI nod for Bain Capital to take joint control

BY Reuters | ECONOMIC | 02/14/26 11:23 AM EST

Feb 14 (Reuters) - India's Manappuram Finance has received final approval from the Reserve Bank of India ?for Bain Capital to acquire ?joint control and up to 41.66% ?of the company's equity and convertible instruments, ?the non-bank lender said on ?Saturday.

The RBI ?clearance is in relation to agreements signed ?in March, under ?which Bain committed to invest about 43.85 billion Indian rupees ($484.40 ?million) for an ?18% ?fully diluted stake priced at 236 rupees apiece.

Bain Capital's stake will range ?between 18% and 41.7%, depending on ?open-offer acceptance, while existing promoters will hold 28.9% on a fully diluted basis, the company said ?in ?a statement. RBI raised concerns last ?month regarding the deal since ?Bain already holds a controlling interest in another Indian lender.

Manappuram, which extends loans in which gold is used as collateral, has about a 315 billion ?rupee loan book, focused on fast-growing gold loans.

($1 = 90.5250 Indian rupees) (Reporting by ?Rajveer Singh ?Pardesi in Bengaluru Editing by ?Rod Nickel)

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