Bain Capital closes in on Manappuram Finance deal
Bain Capital is finalising a deal with the promoters of Manappuram Finance to buy a controlling stake in the Kerala-based gold loan provider and non-bank lender, people aware of the development said. The Reserve Bank of India lifted restrictions on the latter’s subsidiary, Asirvad Micro Finance, a month ago.
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The promoter group, led by managing director and chief executive Nandakumar VP, currently owns 35.25% of Manappuram, which has a market capitalisation of Rs 17,000 crore based on its closing share price of Rs 200.85 on the BSE on Friday.
ET in its November 13 edition was the first to report that Bain and Manappuram were in talks for a deal.
The agreement that is being worked upon includes Bain Capital infusing fresh capital via a preferential allotment, as well as a secondary sale of shares by the promoters.
While the preferential allotment is expected to be at a premium of around 12.5-15% to current market price, the secondary share sale will be priced higher, at 22.5–25% over Friday’s closing price, the people said. The blended price is expected to be Rs 237-240 a share.
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