RBI approves Bain's control change in Manappuram units
Change
The Reserve Bank of India granted approvals for Bain Capital's indirect change in control and management of Asirvad Micro Finance and Manappuram Home Finance.
Why it matters
Approvals cover the indirect change in control and management of Asirvad Micro Finance and Manappuram Home Finance. The approvals complete statutory clearances for the Rs 4,385 crore transaction. The final approval is subject to conditions including a requirement for Bain Capital to submit an action plan to reduce its majority stake in Tyger Capital and to ensure the group does not hold majority shareholding in more than one NBFC of the same category or in multiple housing finance companies. Manappuram and Bain Capital aim to complete the capital infusion by March 31, 2026.
Implications
- • Bain Capital must submit an action plan to reduce its majority stake in Tyger Capital as a condition of approval.
- • Bain Capital's group must not retain majority shareholdings in more than one NBFC of the same category or in multiple housing finance companies.
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