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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On the reaction day the stock moved 1.4 pts less than Nifty Smallcap 250 and 1.3 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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Kotak Mahindra Capital, the manager to the open offer, has disclosed to BSE that as of April 16, 2026, zero equity shares were tendered by public shareholders in the open offer escrow demat account. The open offer was for the acquisition of up to 24,42,27,387 equity shares (26% of the expanded voting share capital) of Manappuram Finance by Bain Capital-affiliated entities acting in concert. The offer was managed by Kotak Mahindra Capital with a Letter of Offer dated March 25, 2026. The nil response is highly unusual for an open offer of this size on a listed NBFC.
A complete nil tendering means public shareholders showed no interest in selling at the open offer price, indicating the offer price may have been unattractive relative to market expectations. This is a negative signal for the Bain Capital acquisition's completion through the public route, and raises uncertainty about the overall deal.