Manappuram Finance said that necessary filings, including responses to clarifications sought by the Reserve Bank of India (RBI), on its application for a change of control in the company in relation to the proposed investment by Bain Capital through its affiliates — BC Asia Investments XIV Ltd and BC Asia Investments XXV Ltd — have been submitted to the central bank and final approval is pending.
The Kerala-based gold-loan company, in a regulatory filing, noted that it has been providing regular updates regarding the proposed investment by the aforementioned entities in the company. This includes acquisition of joint control (along with the existing promoters of the company) over the company and its subsidiaries, including the receipt of approval from RBI for a change in management.
Manappuram Finance’s subsidiaties include Asirvad Micro Finance Ltd and Manappuram Home Finance Ltd.
The aforementioned clarification comes in the wake of reports that the transaction is facing regulatory hurdles in view of regulations that don’t allow a single entity/promoter to hold majority stake in more than one lender. Global private investment firm Bain holds a majority stake in Tyger Capital.
Reports suggest that Bain Capital may divest its stake in Tyger Capital so that its proposed investment in Manappuram Finance gets regulatory nod.
In March 2025, Manappuram Finance announced that Bain Capital, through its affiliates BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd, plan to invest ₹4,385 crore to acquire an 18 per cent stake on a fully diluted basis via preferential allotment of equity and warrants at ₹236 per share.
The transaction will trigger a mandatory open offer for the purchase of an additional 26.0 per cent stake in the company on an expanded capital basis (excluding warrants).
Based on the open offer subscription, Bain Capital’s stake post-investment will vary between 18.0 per cent to 41.7 per cent on a fully diluted basis (including shares to be issued pursuant to exercise of warrants).
Existing Promoters will hold a 28.9 per cent stake in the company post-investment on a fully diluted basis (including shares to be issued pursuant to exercise of warrants). The transaction is subject to customary closing conditions and regulatory approvals.
Published on January 10, 2026
