Manappuram Finance Limited's open offer by BC Asia Investments XXV Limited has recorded zero equity shares tendered as of April 20, 2026, according to a regulatory disclosure filed with stock exchanges. The open offer aimed to acquire a significant stake in the financial services company from public shareholders.

Open Offer Details

The comprehensive acquisition structure involves multiple entities working in concert to secure a substantial position in Manappuram Finance Limited:

Persons Acting in Concert

The acquisition involves seven PACs supporting the primary acquirer:

• BC Asia Investments XIV Limited (PAC 1)
• BC Asia Investments XXIV Limited (PAC 2)
• BC Asia Investments XXVI Limited (PAC 3)
• BC Asia Investments XXI Limited (PAC 4)
• Bain Capital Asia Fund V, L.P. (PAC 5)
• BC Asia V CTB Investors, L.P. (PAC 6)
• BC Asia V Private Investors, L.P. (PAC 7)

Escrow Account Management

Ventura Securities Limited manages the open offer escrow demat account with specific identification details:

Regulatory Framework

Kotak Mahindra Capital Company Limited, serving as the manager to the open offer, emphasized that tendered shares require validation and verification of complete documentation. The disclosure clarifies that shares tendered by public shareholders may differ from those ultimately accepted by the acquirer under SEBI SAST Regulations.

The open offer operates under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, ensuring compliance with regulatory requirements for significant stake acquisitions in publicly listed companies.

Kotak Mahindra Capital Company Limited has disclosed that zero equity shares were tendered in the ongoing open offer for Manappuram Finance Limited as of April 17, 2026. The latest disclosure was made to BSE Limited and the National Stock Exchange of India Limited regarding the acquisition attempt by BC Asia Investments XXV Limited.

Open Offer Details

The open offer targets the acquisition of up to 24,42,27,387 fully paid-up equity shares of face value INR 2.00 each from public shareholders. This represents 26.00% of the expanded voting share capital of Manappuram Finance Limited.

Consortium Structure

The acquisition is being undertaken by BC Asia Investments XXV Limited as the primary acquirer, working alongside seven persons acting in concert (PACs). The consortium includes BC Asia Investments XIV Limited, BC Asia Investments XXIV Limited, BC Asia Investments XXVI Limited, BC Asia Investments XXI Limited, Bain Capital Asia Fund V L.P., BC Asia V CTB Investors L.P., and BC Asia V Private Investors L.P.

Latest Escrow Account Status

The latest disclosure was based on the open offer escrow demat account statement received from Ventura Securities Limited as at 16:49:34 on April 17, 2026. The account, named "MIIPL MANAPPURAM FINANCE OPEN OFFER ESCROW DEMAT ACCOUNT," continued to show nil equity shares tendered.

Validation Process

Kotak Mahindra Capital clarified that tendered equity shares are subject to validation and verification of complete document submission. The company emphasized that validly tendered shares in the open offer will be accepted in accordance with SEBI (SAST) Regulations and the Letter of Offer dated March 25, 2026. The number of shares tendered by public shareholders may differ from the number ultimately accepted by the acquirer.