Bain Capital open offer for Manappuram Fin cleared
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 Rs 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 Rs 4385 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 Rs 2 each.
The Kotak note mentioned that the tendering period for the open offer and other formalities may commence within 12 working days from the date of receipt of the final RBI approval. Payment to all successful public shareholders showing interest on the offer has to be completed within 10 days from the last date of the tendering period.
The Kotak note mentioned that approvals from the central bank are yet to come for Manappuram Finance as well as its subsidiaries, Asirvad Micro Finance and Manappuram Home Finance, both of which are part of the acquisition deal.
Bain Capital has already become joint owner of the Kerala-based gold loan company.
The open offer price was already fixed at Rs 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 Rs 4385 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 Rs 2 each.
The Kotak note mentioned that the tendering period for the open offer and other formalities may commence within 12 working days from the date of receipt of the final RBI approval. Payment to all successful public shareholders showing interest on the offer has to be completed within 10 days from the last date of the tendering period.
The Kotak note mentioned that approvals from the central bank are yet to come for Manappuram Finance as well as its subsidiaries, Asirvad Micro Finance and Manappuram Home Finance, both of which are part of the acquisition deal.
Bain Capital has already become joint owner of the Kerala-based gold loan company.
Next Story