Manappuram Finance gets RBI's conditional nod for Bain Capital stake sale

• Manappuram Finance received conditional approval from RBI for a proposed stake sale to Bain Capital affiliates.
• BC Asia Investments XXV Limited and BC Asia Investments XIV Limited, affiliates of Bain Company, will acquire up to 41.66% of paid-up equity capital.
• Acquisition exceeding 26% after one year (excluding warrant conversion) requires prior RBI approval.
• Manappuram must advise investors to submit an action plan to RBI to avoid multiple NBFCs/HFCs of the same category within their group.
• RBI approval for Asirvad Micro Fin & Manappuram Home Fin's proposed investment is still pending.