Private Equity

PE Fund Investments

Bain Capital to acquire 18% stake in Manappuram Finance for Rs.4,385-Cr

Economic Times  

Bain Capital is to acquire joint control in publicly listed, Kerala-based non-banking financial company (NBFC) Manappuram Finance.As part of the transaction, Bain Capital (through its affiliates BC Asia Investments XXV Limited and BC Asia Investments XIV Limited) will be investing INR 4,385 crore to acquire an 18% stake on a fully diluted basis via preferential allotment of equity and warrants at a price of INR 236 per share.The transaction will trigger a mandatory open offer for the purchase of an additional 26% stake in the company on an expanded capital basis (excluding warrants). The open offer price has been fixed at INR 236 per share. Based on the open offer subscription, Bain Capital’s stake post the investment will vary between 18% and 41.7% on a fully diluted basis.