NEW DELHI: The open offer for a 26% stake in Manappuram Finance Limited, led by Bain Capital’s acquiring entity BC Asia Investments XXV Limited, has received regulatory approval from the Securities and Exchange Board of India (SEBI), moving the process forward. However, the offer is still pending the final green light from the Reserve Bank of India (RBI).
Manappuram Finance Ltd, a prominent Indian NBFC offering a range of financial services, including gold loans, microfinance, and home finance, in an exchange filing said that SEBI issued an observation letter for the open offer on September 12, 2025.
The open offer is for up to 24,42,27,387 equity shares of face value Rs 2 each, representing 26 percent of the expanded voting share capital of the non-banking financial company (NBFC). The acquirer is acting in concert with seven other Bain Capital entities.
According to the filing, the next steps are contingent on receiving approvals from the RBI. The company clarified that it is awaiting RBI approvals for the open offer and the underlying transaction not only for Manappuram Finance Ltd. but also for its subsidiaries, Asirvad Micro Finance Limited and Manappuram Home Finance Limited.
Kerala-based Manappuram Finance Limited in March this year announced that Bain Capital had invested Rs 4,385 crore for 18.0 percent stake on a fully diluted basis via preferential allotment of equity & warrants at a price of Rs 236 per share, 30 percent premium to 6-month average trading price. The transaction triggered a mandatory open offer for purchase of additional 26.0% of the company at a price of Rs 236 per share
The latest filing by Manappuram assured shareholders that, in case of any delay in payment, the company will pay the offer price along with interest at 10% per annum to the affected investors, as mandated by SEBI regulations.
The acquirer -- BC Asia Investments XXV Limited -- is part of the Bain Capital Asia Fund V family of funds, a major global private investment firm.