Manappuram Finance Limited announced an open offer by BC Asia Investments XXV Limited, along with PACs including 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., to acquire up to 26% of the expanded voting share capital.

Key details of the open offer:

• Offer Size: Acquisition of up to 24,42,27,387 equity shares, representing 26% of expanded voting share capital.
• Offer Price: INR 236 per equity share.
• Total Consideration: INR 5,763.77 crores.
• The purpose of the open offer is for BC Asia Investments and PAC 1 to acquire control and become promoters of Manappuram Finance alongside existing promoters.
• The open offer is triggered by the execution of a Share Subscription Agreement (SSA) and Shareholders Agreement (SHA) on 20 Mar 25.
• The Detailed Public Statement (DPS) for the open offer is dated 26 Mar 25, following the Public Announcement (PA) on 20 Mar 25.
• An Extraordinary General Meeting (EGM) is scheduled for 16 Apr 25 to seek shareholder approval for the underlying transaction.
• PAC 1 reported a net loss of INR 46.57 lakhs and negative net worth of INR 46.57 lakhs as of Dec 31, 2024. PAC 5, PAC 6, and PAC 7 combined reported total revenue of INR 374 crores, net loss of INR 1809.8 crores and net worth of INR 17,298.1 crores for the year ended Dec 31, 2024.