RBI issued final approval for Bain Capital affiliates (BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd) to acquire up to 41.66% of Manappuram Finance’s paid-up equity/convertible instruments, triggering promoter classification and joint control with existing promoters.

The approval removes the key regulatory gating item for the transaction, allowing the open offer and subsequent ownership change to proceed. Manappuram Finance’s board will be reconstituted to add Bain nominee directors, shifting governance and control rights immediately once the investment closes. Post-transaction ownership can range from 18% to 41.7% for Bain (fully diluted), which changes counterparty assumptions for lenders, rating agencies, and large partners assessing promoter support and oversight.