Manappuram Finance has announced the commencement of an open offer by BC Asia Investments XXV Limited and its persons acting in concert for the acquisition of up to 24,42,27,387 fully paid-up equity shares, representing 26.00% of the expanded voting share capital. The offer follows the completion of a ₹4,385.00 crore preferential issue and has received all necessary regulatory approvals.

Open Offer Structure and Pricing

The comprehensive offer provides shareholders with detailed consideration structure:

The applicable interest of ₹12.29 per share represents compensation at 10% per annum for payment delays, calculated from October 30, 2025, to May 08, 2026, as directed by SEBI under Regulation 18(11) of the SAST Regulations.

IDC Recommendation and Market Context

The Committee of Independent Directors, chaired by Mr. Abhijit Sen, unanimously approved the offer on March 27, 2026, and published their recommendation on March 30, 2026. The IDC concluded that the offer price along with applicable interest appears fair and reasonable under SEBI (SAST) Regulations.

The IDC highlighted that current market prices on both exchanges exceed the total offer consideration, providing important context for shareholder decision-making.

Regulatory Approvals and Compliance

The open offer has secured all required statutory approvals:

The offer operates under the tender offer method as prescribed by SEBI, with Kotak Mahindra Capital Company Limited serving as the Manager to the Offer and MUFG Intime India Private Limited as the Registrar.

Offer Timeline and Process

The tendering period commences on April 06, 2026, and closes on April 20, 2026. The Letter of Offer dispatch to public shareholders was completed by March 30, 2026, with the Identified Date set as March 17, 2026.

This mandatory open offer follows the completion of the preferential issue on March 27, 2026, where BC Asia Investments entities acquired 9.29 crore subscription shares and warrants each. The transaction represents a significant corporate development in India's financial services sector, with Bain Capital-backed entities seeking to acquire substantial stake in the leading gold loan company.

Manappuram Finance Limited has concluded its comprehensive board meeting on March 30, 2026, approving multiple strategic initiatives including a ₹74 billion borrowing program, senior management appointment, and significant subsidiary investments. The decisions mark substantial progress in the company's capital planning, leadership strengthening, and subsidiary growth strategy.

Board Meeting Comprehensive Outcomes

The Board of Directors meeting held on March 30, 2026, from 5:00 PM to 6:30 PM, addressed four major agenda items under Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary Manoj Kumar V R communicated the outcomes through reference number SEC/SE/225/2025-26.

Approved Borrowing Program for FY2026-27

The board has sanctioned a comprehensive borrowing program worth up to ₹7,400 crore for Financial Year 2026-27. The program encompasses redeemable non-convertible debentures through private placement and public issue mechanisms, providing substantial flexibility for the company's funding requirements.

Borrowing Program Structure

Senior Management Appointment

Based on the Nomination, Compensation and Corporate Governance Committee's recommendation, the board appointed Mr. Narayanan Easwaran as Group Chief Technology Officer and Senior Management Personnel, effective March 30, 2026.

New CTO Profile and Expertise

Mr. Narayanan Easwaran brings over 25 years of banking technology and digital transformation experience. His professional background includes leadership roles at Equitas Small Finance Bank, IDFC First Bank, ICICI Bank, and Kotak Mahindra Bank. As Group CTO, he will provide strategic technology leadership, strengthen digital capabilities, and support the company's growth and transformation objectives.

Subsidiary Investment Approvals

The board approved significant investments in two key subsidiaries to support their capital expenditure and working capital requirements.

Asirvad Micro Finance Limited Investment

Manappuram Home Finance Limited Investment

Strategic Impact and Implementation

The approved initiatives collectively represent a significant capital deployment strategy. The ₹7,400 crore borrowing program provides substantial financial flexibility, while the subsidiary investments totaling ₹9.41 billion will strengthen the micro finance and home finance verticals. The appointment of an experienced technology leader aligns with the company's digital transformation objectives.

With regulatory compliance maintained through proper notifications to NSE, BSE, and India International Exchange (IFSC) Ltd, Manappuram Finance can now proceed with implementing these strategic decisions as market conditions and business requirements dictate.