The Competition Commission of India (CCI) on Tuesday approved Bain Capital’s proposed acquisition of a stake in Manappuram Finance.
Bain Capital through its two affiliates — BC Asia Investments XXV and BC Asia Investments XIV — will acquire stakes in Manappuram Finance Ltd (MFL).
“The proposed transaction involves four phases, where BC Asia Investments XXV (acquirer 1) will subscribe to 9.29 crore fully paid-up equity shares of MFL through private placement and preferential allotment.
“Further, subscription to 9,29,01,373 warrants of MFL by acquirer 2 (BC Asia Investments XIV), which can be exercised (in one or more tranches) at any point between 4 to 18 months from their date of allotment, each carrying a right to subscribe to 1 equity share of MFL,” the regulator said in a release.
BC Asia Investments XXV and its persons acting in concert are also offering to purchase up to 24.42 crore fully paid-up equity shares through an open offer, representing 26 per cent of the expanded voting share capital from public shareholders of MFL, as per the release.
Source: Economic Times