Reserve Bank of India (RBI) approves Bain Capital's acquisition of up to 41.7% stake in Manappuram Finance

Key facts

• The Reserve Bank of India (RBI) granted final approval on 13 February 2026 for the acquisition of up to 41.66 per cent of the paid-up equity capital of Manappuram Finance by Bain Capital.
• The acquisition will be executed through Bain Capital affiliates, BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd.
• Bain Capital committed to an investment of approximately ₹4,385 crore to acquire an initial 18 per cent stake through preferential allotment of equity shares and warrants at ₹236 per share.
• The transaction includes a mandatory open offer for an additional 26 per cent stake from public shareholders at ₹236 per share, as per the Securities and Exchange Board of India (SEBI) (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• Upon completion, Bain Capital will be classified as a promoter and will jointly control Manappuram Finance with the existing promoters.
• The existing promoters will retain a 28.9 per cent stake in the gold loan financier on a fully diluted basis post-investment.
• V P Nandakumar serves as the Managing Director (MD) and Chief Executive Officer (CEO) of Manappuram Finance.