Thrissur, March 19 -- In a decisive boost to its expansion plans, Kerala-based NBFC major Manappuram Finance Ltd has secured all regulatory approvals, including the crucial clearance from the Reserve Bank of India (RBI), for global private equity giant Bain Capital to acquire joint control of the company and its subsidiaries.
The RBI approvals extend to key subsidiaries - Asirvad Micro Finance Limited (AMFL) and Manappuram Home Finance Limited (MHFL) - permitting an indirect change in ownership and management following Bain Capital's proposed stake acquisition through its affiliates.
With this, the path is now clear for Bain Capital's planned investment of around Rs4,385 crore in Manappuram Finance, along with the mandatory open offer und...