Business
RBI Gives Green Signal to Bain Capital for Manappuram Finance Stake
Bain Capital has received the RBI approvals for joint management control of Manappuram Finance and its subsidiaries pursuant to the acquisition of a stake in the gold loan firm.
Following the proposed acquisition of up to 41.66 per cent stake of Manappuram Finance, its subsidiaries Asirvad Micro Finance Limited (AMFL) and Manappuram Home Finance Limited (MHFL) would come under the joint control of the US-based global private investment firm Bain Capital, Manappuram Finance said in a statement on Wednesday.
With this, Manappuram Finance and its subsidiaries are now in receipt of all requisite statutory approvals for Bain Capital’s proposed investment of approximately Rs 4,385 crore and joint control with the existing promoters, together with the consequent open offer under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, it added
