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Informist, Wednesday, Mar. 18, 2026

--Manappuram Fin: RBI OKs indirect change of control of Asirvad Micro Fin 

--Manappuram Fin: RBI OKs indirect change of control of Manappuram Home Fin 

--RBI allows Bain Capital to acquire joint control of Manappuram Fin, arms 

NEW DELHI – The Reserve Bank of India has allowed the US-based private investment firm Bain Capital to acquire joint control in Manappuram Finance Ltd. and its subsidiaries along with the existing promoters, the non-banking financial company informed exchanges Wednesday.

The central bank Wednesday granted approvals to Manappuram Finance's subsidiaries Asirvad Micro Finance Ltd. and Manappuram Home Finance Ltd., allowing indirect change in their management after the acquisition of shareholding by affiliates of Bain Capital, BC Asia Investments XXV Ltd. and BC Asia Investments XIV Ltd. 

Manappuram Finance and its subsidiaries now have all requisite approvals for Bain Capital's proposed INR-43.85-billion investment in the non-banking financial company.

Bain Capital will aim to complete its capital infusion in Manappuram Finance by Mar. 31. Bain Capital intends to complete the open offer in Manappuram Finance in accordance with the timelines prescribed under the Securities and Exchange Board of India's regulations, the Kerala-based company said.

"Upon completion of the investment and based on the open offer subscription, Bain Capital will hold between 18.0% and 41.66% shareholding in the Company (Manappuram Finance) on a fully diluted basis (including shares to be issued upon exercise of warrants), and the existing promoters will hold 28.9% on a fully diluted basis," Manappuram Finance's release said.

Once the open offer is completed, Bain Capital will become a promoter of Manappuram Finance. The Board of Directors of Manappuram Finance, Asirvad Micro Finance, and Manappuram Home Finance will be reconstituted and will include Bain Capital's nominee directors.

For the December quarter, Manappuram Finance had reported consolidated net profit of INR 2.41 billion on revenue of INR 23.53 billion. Shares of the company Wednesday ended over 5% higher at INR 270 on the National Stock Exchange.  End

Reported by Shubham Rana

Edited by Akul Nishant Akhoury

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