BC Asia Investments XXV Ltd has submitted to the Exchange a copy of Disclosure under Regulation 18(6) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 2011 ( SEBI (SAST) Regulations ).
MANAPPURAM · price
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On the reaction day the stock moved 2.5 pts less than Nifty Smallcap 250 and 2.8 pts less than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Bain Capital affiliates (BC Asia Investments XXV and XIV) have been allotted 9,29,01,373 equity shares and an equal number of warrants in Manappuram Finance at Rs 236 per share via preferential allotment on March 27, 2026. This gives Bain Capital 9.89% of the current share capital and 18% on a fully diluted basis. The allotment, executed under a Securities Subscription Agreement dated March 20, 2025, has triggered a mandatory open offer for up to 24,42,27,387 shares (26% of the expanded share capital) from public shareholders. Existing promoters (the Nandakumar family) have entered into related shareholders' agreements with the acquirers as part of the deal.
This is a major ownership change bringing Bain Capital, a global private equity major, in as a significant shareholder, while the promoter family cedes some control. Public shareholders will get an exit opportunity via the open offer at a SEBI-determined price, and the stock is likely to see volatility around the open offer pricing and timeline.