India's RBI approves indirect change in control at Manappuram Finance units
Change
India's RBI approved Bain Capital's indirect change in control of Asirvad Micro Finance and Manappuram Home Finance, clearing the final regulatory hurdle for the Rs 4,385 crore Manappuram-Bain Capital deal while conditioning approval on Bain submitting a plan to reduce its majority stake in Tyger Capital.
Why it matters
The capital infusion timetable is conditional on RBI acceptance of Bain Capital's divestment plan, which can delay the investor's promoter classification and the scheduled board reconstitution. Organisations that expect the infusion to fund operations or transactions must prepare alternative financing or postpone governance changes until RBI's condition is met.
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