Mumbai, February 15 — The Reserve Bank of India (RBI) has granted approval to Manappuram Finance for its proposed acquisition involving Bain Capital affiliates, marking a significant development for the non-banking financial company (NBFC).
Manappuram Finance announced on Saturday that the RBI approved the company’s plan to acquire up to 41.66% of its paid-up equity capital or convertible instruments by Bain Capital entities—BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd. The approval was received on February 13, 2026.
This move stems from a definitive agreement signed on March 20, 2025, under which Bain Capital committed to invest approximately ₹4,385 crore for an 18% stake on a fully diluted basis through preferential allotment of shares and warrants at ₹236 per share. Additionally, the deal triggers a mandatory open offer to acquire an extra 26% stake from public shareholders at the same price, in accordance with SEBI regulations.
Following the approval, Bain Capital will be recognized as a promoter and will exercise joint control alongside current promoters. The company’s board will be reconstituted to include Bain Capital’s nominee directors, and the post-investment stake of Bain Capital is expected to range between 18% and 41.7%, depending on the level of subscription to the open offer. Existing promoters are expected to retain around 28.9% on a fully diluted basis.
Manappuram MD and CEO V P Nandakumar stated, “With Bain Capital coming on board as a joint controlling shareholder, we are well-positioned to accelerate growth in our core segments, further invest in technology and risk management, and expand our branch network across India.”
Q3 2025 Results and Share Performance
In its December quarter results announced on January 29, Manappuram reported a mixed financial performance. The NBFC posted a consolidated net profit of ₹381 crore, down 15.9% YoY from ₹453 crore last year. Net interest income remained stable at ₹1,150 crore, a slight decline of 0.9% YoY. Revenue from operations grew 6.5% YoY to ₹1,915.35 crore, reflecting steady business momentum despite margin pressures.
The company declared an interim dividend of ₹0.50 per equity share, with a record date set for February 6, 2026.
Stock Performance Overview
On Friday, Manappuram’s share price closed at ₹302.15, down 2.11%. The stock has experienced some short-term pressure, slipping about 4% over the past month and facing minor declines in recent sessions. Despite this, the stock has delivered impressive gains over the longer term, rising 13.16% in six months, 56.32% in a year, and over 75.46% in the last five years. Since its listing, the stock has surged approximately 740%, reaching a 52-week high of ₹321.60 on January 7, 2026, and a 52-week low of ₹168.83 on February 14, 2025.
The company’s shares are listed on both NSE and BSE, reflecting its significant presence in the NBFC sector.
