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

BY Reuters | ECONOMIC | 02/14/26 11:27 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 BengaluruEditing by ?Rod Nickel)

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