Manappuram Finance shares in focus as Bain Capital nears $1 billion deal
Manappuram Finance shares will be in focus on Monday as talks between the company and American private equity major Bain Capital reach the final stage. Bain is expected to acquire a significant portion of the promoter stake in India’s second-largest gold loan provider, sources said.
The promoter group, led by Managing Director and CEO Nandakumar VP, currently owns 35.25% of Manappuram, which has a market capitalization 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 being worked on includes Bain Capital infusing fresh capital via a preferential allotment, as well as a secondary sale of shares by the promoters.
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