Change in Management of Manappuram Finance Limited

Manappuram Finance has undergone a major board overhaul following Bain Capital affiliate BC Asia Investments taking control as promoters on April 21, 2026. Six Non-Executive Independent Directors resigned en masse on May 5, 2026 — Mr. Abhijit Sen, Ms. Pratima Ram, Ms. V P Seemandini, Mr. T C Suseel Kumar, Mr. E K Bharat Bhushan, and Dr. Sankaran Nair Rajagopal — citing the securities subscription and shareholders agreement dated March 20, 2025 that mandated board reconstitution. In their place, six new directors were appointed: Bain Capital partners Mr. Rishi Mandawat and Mr. Ashish Kotecha as non-independent directors nominated by the Investors, plus four independent directors including former RBI Executive Director Ms. Rosemary Sebastian and ex-TransUnion CIBIL CEO Mr. Rajesh Kumar Rathanchand. CFO Mrs. Bindu A.L. was redesignated to Head Finance Center of Excellence and AI, ceasing to be KMP, with Mr. Buvanesh Tharashankar now also serving as Company CFO alongside his Group CFO role.