Bain Capital Acquires Major Stake in Manappuram Finance

Bain Capital has secured approval from the Reserve Bank of India to acquire up to 41.66% of Manappuram Finance. This $4,385 crore investment includes a preferential allotment of shares and triggers a mandatory open offer. Bain Capital will become a joint controlling shareholder with existing promoters.

Gold loan financier Manappuram Finance has announced that it received the Reserve Bank of India's final approval for the acquisition of up to 41.66% of its paid-up equity capital by Bain Capital affiliates. The approval, conveyed on February 13, 2026, pertains to agreements executed on March 20, 2025. Bain Capital has committed to investing approximately Rs 4,385 crore to acquire an 18% stake through preferential allotment of equity shares and warrants priced at Rs 236 per share.

The transaction mandates an open offer for an additional 26% stake from public shareholders at Rs 236 per share, in line with SEBI regulations. Following this approval, Bain Capital will be classified as a promoter of the company, sharing joint control with existing promoters. The board will be restructured to include nominee directors from Bain Capital.

Depending on the open offer subscription, Bain Capital's post-investment stake could range from 18% to 41.7% on a fully diluted basis, while existing promoters will maintain a 28.9% stake. Manappuram Finance MD and CEO, V P Nandakumar, believes Bain Capital's participation will accelerate growth, enhance technology, and expand the company's network across India.

(With inputs from agencies.)