Kolkata: The Securities & Exchange Board of India has approved Bain Capital‘s open offer for a 26% stake in Manappuram Finance, while the Reserve Bank of India is yet to give its final nod.
The open offer price was already fixed at ₹236 apiece, the price at which Bain acquired an 18.6% stake in the Kerala-based gold loan company.
The letter of offer may be dispatched to the public shareholders after the receipt of the last of RBI approvals, according to a regulatory filing by Manappuram, which shared a note by Kotak Mahindra Capital Company on the open offer.
The Kotak note is based on Sebi’s observation letter dated September 12.
Bain invested ₹4,385 crore to acquire the 18.6% stake via preferential allotments of equity and warrants. The investment was made through BC Asia Investments XXV and BC Asia Investments XIV.
This triggered a mandatory open offer of 24.42 crore equity shares with a face value of ₹2 each.
