The RBI has also approved the indirect change in control and management of key subsidiaries, including Asirwad Micro Finance and Manappuram Home Finance.
With this, all requisite statutory approvals have been received for Bain Capital’s proposed investment of ₹4,385 crore in the company.
Manappuram Finance and Bain Capital are aiming to complete the capital infusion before March 31, 2026.
The transaction, for which definitive agreements were signed in March 2025, will be executed through Bain Capital’s affiliates, BC Asia Investment XXV and BC Asia Investments XIV.
As part of the deal structure, Bain Capital will also launch a mandatory open offer to acquire an additional 26% stake from public shareholders at ₹236 per share, in line with Securities and Exchange Board of India (SEBI) regulations.
The private equity firm’s stake in the company is expected to range between 18.0% and 41.7% on a fully diluted basis following the investment.
Shares of Manappuram Finance settled 5.65% higher at ₹271.35 on Wednesday. However, the stock remains down 14% so far in 2026.
