CCI okays Bain Capital's proposal to acquire stake in Manappuram Finance
The Competition Commission of India (CCI) has approved Bain Capital's proposed acquisition of a stake in Manappuram Finance and Manappuram Asset Finance. Bain Capital, through its affiliates, will acquire shares via private placement, warrants, and an open offer, potentially reaching an 18% stake in Manappuram Finance. This deal, valued at Rs 4,385 crore, is subject to SEBI's SAST rules.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
The Competition Commission of India (CCI) on Tuesday approved Bain Capital 's proposed acquisition of a stake in Manappuram Finance Bain Capital through its two affiliates -- BC Asia Investments XXV and BC Asia Investments XIV -- will acquire stakes in Manappuram Finance Ltd (MFL)."The proposed transaction involves four phases, where BC Asia Investments XXV (acquirer 1) will subscribe to 9.29 crore fully paid-up equity shares of MFL through private placement and preferential allotment."Further, subscription to 9,29,01,373 warrants of MFL by acquirer 2 (BC Asia Investments XIV), which can be exercised (in one or more tranches) at any point between 4 to 18 months from their date of allotment, each carrying a right to subscribe to 1 equity share of MFL," the regulator said in a release.BC Asia Investments XXV and its persons acting in concert are also offering to purchase up to 24.42 crore fully paid-up equity shares through an open offer, representing 26 per cent of the expanded voting share capital from public shareholders of MFL, as per the release.Thereafter, the transaction will trigger a mandatory open offer under the Sebi's SAST (Substantial Acquisition of Shares and Takeovers) rules.Additionally, the competition watchdog also granted its approval for the acquisition of Manappuram Asset Finance Ltd (MAFL) by Manappuram Finance."CCI approves proposed combination involving acquisition in Manappuram Finance Ltd and Manappuram Asset Finance Ltd by Bain Capital," the competition watchdog said in a post on X.MFL primarily provides gold loans , vehicle loans, and MSME loans. MAFL is mainly engaged in providing gold loans.In March this year, Bain Capital announced that it entered into definitive agreements to acquire joint control in MFL through its affiliates, BC Asia Investments XXV and BC Asia Investments XIV, in partnership with the existing promoters.As part of the agreement, Bain Capital will invest Rs 4,385 crore to acquire an 18 per cent stake in MFL on a fully diluted basis via preferential allotment of equity and warrants.The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
39 minutes ago
- Time of India
Only 30% of MahaRERA recovery warrants executed; Rs 527cr still to be recovered
Pune: MahaRERA's progress on recovery warrant has remained slow, with only 31% of cases executed. Despite state govt's directive to dispose of these cases within three months, merely Rs 233 crore has been recovered out of Rs 760 crore due in 1,212 cases across Maharashtra, officials told TOI on Saturday. The slow progress contradicts revenue minister Chandrakant Bawankule's assurance during the state budget session, where he emphasised speedy execution of MahaRERA's recovery warrant orders and clearing the backlog within three months. The recovery warrants are issued under Section 40(1) of the Real Estate (Regulation and Development) Act (RERA) against developers who neither complete projects nor refund homebuyers. Once issued by MahaRERA, these orders are forwarded to district collectors for action, including property attachment and recovery of dues. The districts of Mumbai Suburban, Pune and Thane continue to report the highest backlog of such pending cases. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "Though there was some improvement in execution rates, the scale of pendency remains significant. It requires more proactive coordination from revenue officials," said a senior MahaRERA official, adding that it was despite the appointment of additional collectors in multiple districts to expedite the execution of recovery warrants. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 5 Dividend Stocks for May 2025 Seeking Alpha Read More Undo Further compounding delays are 172 complaints, involving Rs 157 crore, that are currently pending before the National Company Law Tribunal (NCLT), which handles cases related to insolvency and bankruptcy. These cases are in legal limbo, adding to the frustration of affected homebuyers, stated officials In a broader push for accountability, PM Narendra Modi had addressed the issue directly at the Pragati review meeting on May 29. Expressing dissatisfaction with the mere counting of "disposed" complaints, the PM questioned whether states genuinely ensured redressal. In response, Maharashtra chief secretary Sujata Saunik held a review meeting in the second week of June with collectorates across the state, directing officials to fast-track execution of recovery warrants and ensure accountability. Additional revenue officers have since been appointed to assist with enforcement. Senior citizen Arun Sheth, who has been waiting for over four years for action against a developer, said, "There's been no real movement on my case despite repeated follow-ups. It's just silence." Activists and consumer groups have also called for better monitoring tools. "MahaRERA should introduce a real-time dashboard like UP RERA's. There should be a clearly defined SOP and phase-wise targets, not just vague timelines," said activist R Prabhu. MahaRERA officials said the issue was likely to be raised in the upcoming legislative session. "It's important that revenue officials are able to give a concrete and time-bound plan for executing these orders," an official noted.
Time of India
an hour ago
- Time of India
Showroom owners duped of Rs48L in bid to by scrap copper
Pune: An automobile showroom owner (30) from Satara Road filed a complaint with the Parvati police, stating that online fraudsters duped him of Rs 47.72 lakh between April and May by promising to sell him scrap copper. The victim is a resident of Satara Road. He stated that his partner wanted to buy large quantities of scrap copper. He conducted an online search for companies selling scrapped copper. An officer of the Parvati police said, "The complainant and his partner stumbled upon a link to a South Africa-based company. They contacted the company via email and put forth their requirement for the scrapped copper." You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "The company officials responded to the mail, claiming that the company could fulfil the requirement," police said. According to the police, the company demanded a 30% advance amount from the victim. The company stated that the remaining 70% would be taken post-delivery. "The complainant and his partner liked the idea and decided to go ahead with the deal," police said. "The victims took the banking details of the company and transferred 30% amount—Rs 47.72 lakh—as an advance payment," police said. "After the payment, the material did not reach Pune or Mumbai. The suspects kept promising the delivery. The complainant and his partner then decided to investigate the company's background. They visited several business sites in South Africa and realised that no such company existed. They realised it was a fake company," police said.
Time of India
an hour ago
- Time of India
Adani meets CM, discusses industrial growth & investment plans
Bhubaneswar: Gautam Adani, chairman of Adani Group , met chief minister Mohan Charan Majhi on Saturday, with their discussions focusing on the state's industrial growth trajectory. Adani visited with his family and witnessed the Rath Yatra in Puri earlier in the day. The high-level meeting centred on various aspects of industrial development, with particular emphasis on green and renewable energy initiatives and the proposed establishment of a coal gasification plant. The discussions align with the state govt's renewed push for industrial expansion following the Utkarsh Odisha — Make in Odisha Conclave. Adani Group proposed to invest Rs 16,554 crore in the Gopalpur port project during the conclave. The investment is expected to substantially boost the port's cargo handling capacity to 50 million metric tonnes and generate around 5,000 employment opportunities. "The meeting underscores the state govt's commitment to accelerating industrial growth under CM Majhi's leadership. The Gopalpur port agreement marks a major milestone in this direction, promising to enhance the state's maritime infrastructure and economic prospects," read a govt statement.
