Shares of Manappuram Finance are likely to remain in focus on Monday after the company received the Reserve Bank of India’s (RBI) final approval for Bain Capital affiliates to acquire up to 41.66% stake in the gold loan financier.
In a regulatory filing on Saturday, Manappuram Finance said the RBI, through its communication dated February 13, 2026, approved the proposed acquisition by BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd, affiliates of Bain Capital, covering up to 41.66% of the company’s paid-up equity capital or convertible instruments.
The approval relates to definitive agreements signed on March 20, 2025, under which Bain Capital committed to invest approximately Rs 4,385 crore. The private equity major will initially acquire an 18% stake on a fully diluted basis via preferential allotment of equity shares and warrants at Rs 236 per share.
The deal also triggers a mandatory open offer to acquire an additional 26% stake from public shareholders at Rs 236 per share, in compliance with the Securities and Exchange Board of India’s Substantial Acquisition of Shares and Takeovers Regulations, 2011.
Post approval, Bain Capital will be reclassified as a promoter and will jointly control Manappuram Finance alongside the existing promoters. The company’s board will be reconstituted to include Bain Capital’s nominee directors, in line with the transaction agreements.
Depending on the level of subscription to the open offer, Bain Capital’s total shareholding will range between 18% and 41.7% on a fully diluted basis, including shares issued upon exercise of warrants. The existing promoters are expected to hold 28.9% post-investment on a fully diluted basis.
Commenting on the development, Managing Director and CEO V P Nandakumar said the partnership with Bain Capital as a joint controlling shareholder will help accelerate growth in core segments, strengthen investments in technology and risk management, and support expansion of its pan-India branch network.
On Friday, shares of Manappuram Finance closed 1.95% lower at Rs 302.65 on the NSE.
From a technical standpoint, the stock’s 14-day Relative Strength Index (RSI) stands at 52.7, indicating neutral momentum. An RSI below 30 is considered oversold, while a reading above 70 signals overbought conditions.
The stock is also trading above seven out of its eight simple moving averages (SMAs), suggesting a broadly positive underlying trend.
Source: Economic Times