CCI Approves Bain Capital’s Investment in Manappuram Group

26 Jun 2025 CW Team

The Competition Commission of India (CCI) has approved the proposed combination involving Bain Capital’s acquisition of equity in Manappuram Finance Limited (MFL) and Manappuram Asset Finance Limited (MAFL). The deal will be executed through two investment entities—BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd—which are indirectly owned and controlled by Bain Capital Investors, LLC.

Bain Capital is a global private equity firm with holdings across multiple sectors, including financial services, IT, healthcare, retail, and manufacturing. The transaction involves a series of strategic steps designed to expand Bain Capital’s footprint in India’s fast-growing non-banking financial services sector.

Under the approved structure:

Acquirer 1 will subscribe to 92.9 million fully paid-up equity shares of MFL via private placement and preferential allotment.
Acquirer 2 will subscribe to 92.9 million warrants, each convertible into one equity share of MFL over a period of 4 to 18 months.
Bain Capital has launched an open offer to acquire up to 244.2 million shares, or 26 per cent of MFL’s expanded voting share capital, in line with SEBI’s takeover regulations.
Additionally, the deal includes the acquisition of MAFL by MFL, consolidating Manappuram Group’s lending operations.

Manappuram Finance Ltd, based in Kerala, is a diversified NBFC offering gold loans, MSME financing, and vehicle loans, while MAFL focuses largely on gold loans and secured lending such as loans against property and microfinance products.

The transaction will strengthen Bain Capital’s position in India’s lending ecosystem while supporting Manappuram’s expansion and capital base. The detailed CCI order is expected to follow shortly.

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