New Delhi, Sept. 23 -- The open offer for a 26 percent stake in Manappuram Finance has moved a step forward with the Securities and Exchange Board of India (SEBI) granting its approval. The offer, led by Bain Capital's acquiring entity BC Asia Investments XXV Limited, now awaits final clearance from the Reserve Bank of India (RBI) before it can proceed further.

Kotak Mahindra Capital Company, which is managing the open offer, shared this update in a regulatory filing.

The open offer covers up to 24,42,27,387 fully paid-up equity shares with a face value of Rs.2 each, representing 26 percent of Manappuram Finance's expanded voting share capital. Alongside the acquirer, seven other Bain Capital entities are acting as persons in concert to...