PE-VC Fund Investments
RBI clears Bain Capital’s 41.66% acquisition of gold loan player Manappuram
Thrissur, Kerala-based gold loan financier Manappuram Finance Ltd (MFL) has received the Reserve Bank of India’s final approval for the proposed acquisition by Bain Capital of up to 41.66 % of the firm’s paid-up equity capital/convertible instruments. 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 March 2025, Bain Capital (through its affiliates -- BC Asia Investments XXV Ltd and BC Asia Investments XIV) committed to invest approximately INR 4,385 crore to acquire an 18% stake in MFL on a fully diluted basis through preferential allotment of equity shares and warrants at a price of INR 236 per share. The transaction also triggers a mandatory open offer for the purchase of an additional 26% stake from public shareholders at INR 236 per share.Bain’s investment will be used to accelerate growth in the firm’s core segments, invest further in technology and risk management capabilities, and build a professionally managed, future-ready financial services company. It will also help MFL enhance and expand its branch network across India.
Between Dec 2007 and Mar 2025, Manappuram Finance had attracted about USD 951 M from India Equity Partners, Peak XV Partners, Ashmore Alchemy, Granite Hill, WestBridge, Baring India, Siguler Guff, Apax Partners, IFC and Bain Capital.For FY25, Manappuram Finance had reported about INR 10,007 Cr in Operating Income and about INR 1,204 Cr in PAT.
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