Athira Sethu
Kochi, 16 Feb 2026
The shares of Manappuram Finance ended marginally up on Monday as the company on Saturday announced that it has received the final approval from the Reserve Bank of India (RBI) for the acquisition deal with Bain Capital. As per the press release, the affiliates of Bain Capital, namely BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd, will acquire up to 41.66% of the company’s paid-up equity capital and convertible instruments.
The final approval was received by the RBI on February 13, 2026, and is in accordance with an agreement reached on March 20, 2025. As per the agreement, Bain Capital will invest approximately ₹4,385 crore to acquire an 18% stake in Manappuram Finance. This will be done through a preferential allotment of equity shares and warrants at ₹236 per share.
As a part of the agreement, Bain Capital will also make an open offer to acquire an additional 26% of the company’s shares from the public shareholders at the same price of ₹236 per share. This is mandatory as per the SEBI takeover regulations. After the completion of the agreement, Bain Capital will become a joint promoter of the company and will share the control of Manappuram Finance with the existing promoters of the company.
The board of the company will also be reshuffled to include the directors nominated by Bain Capital. Based on the open offer, the total stake of Bain Capital in the company will range between 18% and 41.7% after the investment. The existing promoters will hold a 28.9% stake in the company after the completion of the agreement.
The CEO of Manappuram Finance, V. P. Nandakumar, is confident that the entry of Bain Capital will help the company grow faster and will also improve the technology and risk management processes of the company. The company will also increase its branch network across India.
Meanwhile, the financial performance of Manappuram Finance for the December quarter was mixed. The company posted a net profit of ₹381 crore in Q3, which was a decline of 15.9% from the net profit of ₹453 crore in the same period in the previous year. However, the company’s revenue from operations grew by 6.5%, with the revenue touching ₹1,915.35 crore. The board also declared an interim dividend of ₹0.50 per share, with the record date being February 6, 2026.
