Bain Capital Receives RBI Approval for Investment in Manappuram Finance
Valapad, Kerala, March 18, 2026 – Manappuram Finance Limited announced today that its subsidiaries, Asirvad Micro Finance Limited (AMFL) and Manappuram Home Finance Limited (MHFL), have received approvals from the Reserve Bank of India (RBI) for indirect changes in control and management related to Bain Capital's investment.The approvals mark a key milestone in Bain Capital’s strategic investment, which totals approximately ₹4,385 crore. This investment will result in Bain Capital affiliates, BC Asia Investments XXV Limited and BC Asia Investments XIV Limited, acquiring joint control of Manappuram Finance and its subsidiaries alongside the existing promoters.
The companies aim to complete the capital infusion by March 31, 2026, and Bain Capital plans to execute an open offer in accordance with SEBI regulations.
Upon completion, Bain Capital will hold between 18.0% and 41.66% shareholding in Manappuram Finance on a fully diluted basis, including shares from warrants, while existing promoters will hold 28.9%. Bain Capital will be classified as a promoter and will jointly control the company with the existing promoters. Reconstitution of the Boards of Directors for Manappuram Finance, AMFL and MHFL is anticipated, including the appointment of Bain Capital's nominee directors.
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