Kerala-based Manappuram Finance Ltd (MFL) on Saturday said it has received the Reserve Bank of India’s final 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.
With this approval, Bain Capital will be classified as a promoter of MFL and will jointly control the gold financier along with the existing promoters. The Board will be reconstituted and will include nominee directors of Bain Capital, in line with the transaction agreements, per a MFL statement.
The RBI approval, is in connection with the definitive agreements executed on March 20, 2025, under which Bain Capital (through its affiliates — BC Asia Investments XXV Limited and BC Asia Investments XIV) committed to invest approximately ₹4,385 crore to acquire an 18.0 per cent stake in MFL on a fully diluted basis through preferential allotment of equity shares and warrants at a price of ₹236 per share.
The transaction also triggers a mandatory open offer for the purchase of an additional 26.0 per cent stake from public shareholders at ₹236 per share.
V.P. Nandakumar, MD & CEO, Manappuram Finance Limited, said: “The RBI approvalis an important milestone in our partnership and reflects the strength of our governance framework and business model. With Bain Capital coming on board as a joint controlling shareholder, we are well-positioned to accelerate growth in our core segments, invest further in technology and risk management capabilities, and build a professionally managed, future-ready financial services company.”
Further, the strategic investment will also help MFL enhance and expand its branch network pan India.
Published on February 14, 2026
