RBI Approves Bain Capital’s Acquisition of Up to 41.66% Stake in Manappuram Finance
On February 14, 2026, the Reserve Bank of India (RBI) granted final approval to Bain Capital, LP, to acquire joint control and up to 41.66% stake in Manappuram Finance Limited, a Non-Banking Financial Company (NBFC).
Investment Overview:
Agreement Terms: In March 2025, Bain Capital signed agreements to invest Rs 4,385 crore for an 18% fully diluted stake at Rs 236 per share, with its final holding expected to range between 18% and 41.7% depending on open-offer acceptance.
Promoter Holding: On a fully diluted basis, the existing promoters will retain a 28.9% stake in the company.
About Manappuram Finance: It is an NBFC specialising in gold-backed loans with an approximate loan book of Rs 315 billion, primarily focused on the expanding gold loan segment in India.
On February 14, 2026, the Reserve Bank of India (RBI) granted final approval to Bain Capital, LP, to acquire joint control and up to 41.66% stake in Manappuram Finance Limited, a Non-Banking Financial Company (NBFC).
Investment Overview:
Agreement Terms: In March 2025, Bain Capital signed agreements to invest Rs 4,385 crore for an 18% fully diluted stake at Rs 236 per share, with its final holding expected to range between 18% and 41.7% depending on open-offer acceptance.
Promoter Holding: On a fully diluted basis, the existing promoters will retain a 28.9% stake in the company.
About Manappuram Finance: It is an NBFC specialising in gold-backed loans with an approximate loan book of Rs 315 billion, primarily focused on the expanding gold loan segment in India.
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