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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
livemint.com / 1 year ago
Bain Capital set to jointly own Manappuram Finance
Manappuram Finance and become joint owner of the shadow lender that's the country's second-largest gold loan company. The acquisition will take place through a primary infusion and a secondary sale of shares by the current promoter family, led by managing director and chief executive officer VP Nandakumar, the companies said in a press release. He and his family own 34.73% of the non-banking finance company (NBFC).
As part of the transaction, Bain Capital entities-BC Asia Investments XXV and BC Asia Investments XIV-will invest ₹4,385 crore to acquire an 18.6% stake via preferential allotments of equity and warrants at ₹236 per share, a premium of about 30% over the six-month average trading price.
The transaction will trigger a mandatory open offer for the purchase of an additional 26% stake on an expanded capital basis (excluding warrants).
Striking a golden deal
The open offer price has been fixed at the same level- ₹236 apiece. Based on the open offer subscription, Bain Capital's stake will eventually vary between 18% and 41.7% on a fully diluted basis, including shares to be issued as a result of exercising the warrants. Once closed, this will be the largest such transaction in the gold loan sector in the country.
Nandakumar and family will hold a 28.9% stake in the company after the investment on a fully diluted basis, including shares to be issued pursuant to the exercise of warrants. The transaction is subject to regulatory approvals.
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