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

FILE PHOTO: The Bain Capital logo is seen in this illustration taken February 4, 2026. REUTERS/Dado Ruvic/Illustration/File Photo · Reuters

Reuters

Sun, 15 February 2026 at 1:27 am GMT+9 1 min read

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MANAPPURAM.BO

-2.01%

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+1.98%

BANKINDIA.NS

-2.11%

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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