Kotak Mahindra Capital Company Limited has Submitted to the Exchange a copy of Letter of Offer.
MANAPPURAM · price
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On the reaction day the stock moved 0.8 pts more than Nifty Smallcap 250 and 2.3 pts more 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, through BC Asia Investments XXV Limited (along with 7 persons acting in concert), has formally submitted the Letter of Offer to buy up to 24,42,27,387 equity shares (26% of expanded voting capital) of Manappuram Finance Limited from public shareholders. The cash offer price is INR 236 per share (face value INR 2), plus an additional INR 12.29 per share as 10% annual interest for a 190-day delay caused by late regulatory approvals. All required approvals from RBI, CCI, IRDAI, and the US SEC have been received. The tendering window runs from April 6, 2026 to April 20, 2026, with payment to shareholders expected by May 5, 2026. Kotak Mahindra Capital is managing the offer, and MUFG Intime is the registrar. The offer follows a Share Subscription Agreement (underlying transaction) under which Bain Capital entities will also subscribe to fresh shares and warrants of Manappuram.
Public shareholders can tender their shares at INR 236 + INR 12.29 interest per share during the April 6–20, 2026 window. This signals a marquee global private equity investor entering the Indian NBFC space, which could support valuation, though shareholders should compare the offer price to prevailing market price before deciding to tender.