Manappuram Finance Limited announced that its subsidiaries, AMFL and MHFL, received final regulatory approvals from the RBI for Bain Capital affiliates to acquire joint control. This paves the way for Bain Capital’s proposed investment of approximately ₹4,385 crore. Following the transaction, Bain Capital will be classified as a promoter, jointly controlling the company alongside existing promoters.
Final Regulatory Approvals Secured for Strategic Investment
Manappuram Finance Limited confirmed on March 18, 2026, that its subsidiaries, Asirvad Micro Finance Limited (“AMFL”) and Manappuram Home Finance Limited (“MHFL”), have successfully obtained the necessary approvals from the Reserve Bank of India (RBI). These approvals pertain to the indirect change in control and management resulting from the acquisition of shareholding by affiliates of Bain Capital, specifically BC Asia Investments XXV Limited and BC Asia Investments XIV Limited (“Bain Capital”).
Deal Valuation and Control Structure
With these approvals in hand, the Company and its subsidiaries are now clear to proceed with Bain Capital’s proposed investment, valued at approximately ₹4,385 crore. This investment includes the subsequent mandatory open offer required under takeover regulations. Upon completion:
- Bain Capital is expected to hold between 18.0% and 41.66% shareholding on a fully diluted basis, dependent on open offer subscription.
- The existing promoters will retain a 28.9% shareholding on a fully diluted basis.
- Bain Capital will be formally classified as a promoter and will jointly control the Company with the existing promoters.
Timeline for Closure
The Company and Bain Capital are targeting the completion of the capital infusion by March 31, 2026. Furthermore, Bain Capital intends to conclude the required open offer within the timelines stipulated by the governing regulations. The Boards of Directors for Manappuram Finance, AMFL, and MHFL will subsequently be reconstituted to include nominee directors from Bain Capital, as per the definitive agreements signed by the parties.
Source: BSE
