Manappuram sells 18% to Bain for ₹4,385 cr

THE second largest pure-play gold loan player Manappuram Finance has inked a deal with Bain Capital, under which the latter will acquire 18% in the Thrissur, Kerala-based company for ₹4,385 crore.

- BENN KOCHUVEEDAN @Mumbai

The deal also leads to an open offer by the private equity major for an additional 26%, reducing the current promoters—VP Nandakumar family—stake to under 30%.

Following the fund infusion of ₹4,385 crore, the investor will be classified as a joint promoter with board representation, Manappuram Finance said in an exchange filing on Thursday.

The stake will be purchased by Bain Capital Asia (through its affiliated BC Asia Investments XXV and BC Asia Investments XIV) through a preferential allotment of shares.