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Bond Market News
Manappuram Finance Wins RBI Approval for Bain Capital Deal
February 16, 2026
Bain Capital has received final approval from the Reserve Bank of India (RBI) to acquire joint control of Manappuram Finance. It will allow the private-equity firm to hold between 18% and 41.7% of the non-bank lender’s equity and convertible instruments. The approval relates to agreements signed in March under which Bain will initially invest about INR 43.85bn ($484mn) for an 18% fully diluted stake at INR 236/share ($2.6/share), with the final ownership depending on the outcome of an open offer. Following the transaction, existing promoters will retain about 28.9% ownership on a fully-diluted basis. The RBI had earlier raised concerns because Bain already controls another Indian lending institution. However, it has now cleared the deal. Manappuram Finance operates primarily in gold-backed lending and has a loan book of roughly INR 315bn ($3.48bn), benefiting from rapid growth in the gold-loan segment.
It’s 7.375% 2028s traded stable at 102.65, yielding 5.56%.
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