Bain Capital said on Wednesday it would launch an open offer on April 6 to purchase a 26% stake in Indian non-bank lender Manappuram Finance from public shareholders.
Here are more details and background:
The open offer will close on April 20.
The U.S. private equity firm is offering 236 rupees ($2.51) per Manappuram Finance share, plus an additional 12.29 rupees apiece as per regulatory requirement.
The open offer follows Bain's agreement last year to invest about 43.85 billion rupees ($484.40 million) for an 18% fully diluted stake in Manappuram at 236 rupees apiece.
Upon completion of that investment and if the open offer is fully subscribed, Bain Capital's stake in the gold loan provider would rise to 41.66%.
Bain Capital, which plans to exercise control over Manappuram Finance and its units, has made the open offer to comply with India's takeover regulations.
Last month, Manappuram Finance said it had received final approval from the Reserve Bank of India for Bain Capital to acquire joint control and up to 41.66% of the company's equity and convertible instruments.
