Kotak Mahindra Capital Company Ltd ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the Public Shareholders of Manappuram Finance Ltd ("Target Company").
MANAPPURAM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Bain Capital, through its affiliate BC Asia Investments XXV Limited (Acquirer) along with 7 persons acting in concert, has filed the Draft Letter of Offer with SEBI and submitted a copy to BSE/NSE for an open offer to acquire up to 24,42,27,387 equity shares (26% of expanded voting share capital) of Manappuram Finance Ltd from public shareholders. The cash offer price is set at ₹236 per equity share of face value ₹2, taking the maximum open offer consideration to about ₹5,763.76 crore. The offer is triggered by an underlying transaction that includes a preferential issue of 9,29,01,373 subscription shares to the Acquirer, with an EGM scheduled for April 16, 2025. The offer timeline indicates a SEBI observation deadline of April 30, 2025, with the tendering period expected to run from May 20 to June 2, 2025. The offer is unconditional, has no minimum acceptance threshold, and there are no competing offers as of the date of the draft letter of offer.
This is a marquee PE acquisition attempt — existing public shareholders of Manappuram Finance can tender their shares at ₹236, providing a clear exit at a fixed price. If fully subscribed, Bain Capital and PACs will gain significant influence over the company, potentially leading to board control changes and shifts in strategic direction post-deal closure.