Kotak Mahindra Capital Company Ltd ("Manager to the Offer") has informed BSE as under:<BR><BR>"Please note that in relation to the Open Offer Nil Equity Shares, have been tendered in the ....
MANAPPURAM · price
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Kotak Mahindra Capital, the manager to the open offer, has disclosed to BSE that zero (Nil) equity shares were tendered by public shareholders of Manappuram Finance Ltd in the open offer escrow demat account as of 16:53:22 on April 16, 2026. The open offer, made by Bain Capital entities (BC Asia Investments and Bain Capital Asia Fund V, acting as persons acting in concert with the acquirer), was for acquisition of up to 2,44,22,73,387 equity shares (face value INR 2 each), representing 26% of the expanded voting share capital, from public shareholders. The Letter of Offer was dated March 25, 2026. The final accepted shares may differ from those tendered, subject to document validation under SEBI SAST Regulations.
A nil response from public shareholders strongly suggests the open offer price was significantly below the prevailing market price, meaning Bain Capital's consortium will not pick up any meaningful stake from the public and the acquisition will need to proceed primarily via the promoter/pac route. This is a negative signal for the deal's economics and could weigh on near-term sentiment around the stock and the expected change in control.