Bain Capital’s strategic investment to boost Manappuram Finance’s corp governance: S&P
S&P Global Ratings on Tuesday said Manappuram Finance Ltd’s corporate governance will get a boost from Bain Capital’s recent strategic investment. The US-based private investment firm could materially influence the India-based gold financier’s strategy and appoint key personnel, including the CEO, it said.
On March 20, Bain Capital said it would invest about Rs 4,390 crore to acquire an 18 per cent stake in Manappuram, subject to regulatory approval. The stake could go up to 41.7 per cent on a fully diluted basis, depending on the outcome of a mandatory open offer.
The share of current promoter V P Nandakumar and his wife will dilute to 28.9 per cent from 35 per cent as of end-December 2024. Nandakumar will transition to a…
