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Indian lender Manappuram gets RBI nod for Bain Capital to take joint control
The RBI clearance is in relation to agreements signed in March, under which Bain committed to invest about $484.40 million for an 18 percent fully diluted stake priced at 236 rupees apiece.
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Reuters - Sat, 14, Feb 2026
- 16:49 EST
- 11
FILE PHOTO: The Bain Capital logo is seen in this illustration taken February 4, 2026. / REUTERS/Dado Ruvic/Illustration/File Photo
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 Feb. 14.
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 percent fully diluted stake priced at 236 rupees apiece.
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Bain Capital's stake will range between 18 percent and 41.7 percent, depending on open‑offer acceptance, while existing promoters will hold 28.9 percent 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.
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