The final approval granted by the RBI is subject to conditions including Manappuram requiring to advise Bain to furnish an action plan to the RBI
| Photo Credit:
Dado Ruvic
Private equity major Bain Capital will have to offload its majority stake in Tyger Capital, formerly Adani Capital, in order to become the majority stakeholder in Manappuram Finance, said sources .
This follows Manappuram Finance’s announcement on Saturday that it has received the Reserve Bank of India’s (RBI) conditional approval for the proposed acquisition by Bain Capital of up to 41.66 per cent of the Company’s paid-up equity capital/convertible instruments.
The final approval granted by the RBI is subject to conditions including Manappuram requiring to advise Bain to furnish an action plan to the RBI to ensure that there will not be more than one non-banking financial company (NBFC) of the same category/ housing finance company, where Bain has majority shareholding and control.
This condition essentially mandates Bain to offload its majority stake in Tyger Capital — where it holds around 90 per cent stake —if it wants to acquire a majority stake in Manappuram Finance, said sources .
Further, Manppuram Finance also said that the RBI’s approval in respect of Asirvad Micro Finance (its MFI arm) and Manappuram Home Finance for the underlying proposed investment and the Open Offer is pending. Tyger group also has a housing finance subsidiary named Tyger Home Finance, where Bain Capital is the majority shareholder as well.
Bain Capital declined to comment for this report, while Tyger Capital did not formally respond to queries sent by businessline till press time. Analysts said that Bain Capital could generate better investment returns from Manappuram Finance in comparison with Tyger Capital.
“For Bain, given the strong brand and business position Manappuram offers, Manappuram will be an attractive investment,” said Kranthi Bhatini, Director of Equity Strategy at WealthMills Securities.
Published on February 15, 2026
