Manappuram Finance Shares Slip After RBI Approves 41.66% Stake Sale

• Manappuram Finance shares dropped 2.60% intraday after RBI approved a 41.66% stake sale to BC Asia Investments.
• Shares were trading at Rs 301.15, down 0.45% around 10:00 AM.
• RBI waived the public notice period but imposed two conditions on investors.
• Investors need prior RBI approval if they increase their stake beyond 26% after one year (excluding warrant conversion).
• Investors must submit an action plan to RBI to avoid having more than one NBFC/HFC of the same category under majority control.
• Company awaits RBI approval for Asirvad Micro Finance Limited and Manappuram Home Finance.
• BC Asia Investments XXV Limited and BC Asia Investments XIV Limited are entities affiliated with Baring Private Equity Asia (now EQT).