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Bain Capital’s Manappuram Finance acquisition runs into regulatory hurdles: report

Business Line  

Global private investment firm Bain Capital’s proposal to acquire a majority controlling stake in Kerala-based gold loan financier Manappuram Finance has run into a regulatory hurdle with the Reserve Bank of India (RBI) not approving of the same investor holding majority stakes in two lenders.Bain Capital acquired a 90% stake in Tyger Capital and Tyger Home Finance (formerly named Adani Capital and Adani Housing) in 2023.The Bain Capital-Manappuram deal was first announced in March 2025. Bain Capital, through its affiliates BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd, was to invest INR 4,385 crore to acquire an 18% stake via preferential allotment of equity and warrants at INR 236 per share. This transaction will trigger a mandatory open offer for the purchase of an additional 26% stake in the company.