Kshirsagar joins Manappuram Finance board as Baring PE India nominee
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Kshirsagar joins Manappuram Finance board as Baring PE India nominee

By Bhawna Gupta

  • 12 Jun 2012
Kshirsagar joins Manappuram Finance board as Baring PE India nominee

Baring Private Equity Partner India's advisor E A. Kshirsagar has joined the board of Manappuram Finance Ltd as its nominee, the gold loan retailer informed the Bombay Stock Exchange.

Kshirsagar is a specialist in corporate strategy and structure, disinvestment, feasibility studies and the impact of legislation on business. A veteran at the management consultancy division of AF Ferguson, where he put in over three decades, Kshirsagar retired in 2004 as its director-in-charge.

Led by the managing partner Rahul Bhasin, the Baring PE India is currently investing out of its $550 million third fund. Manappuram Finance is the second gold loan company that the PE firm has backed recently, after investing in Muthoot Finance.

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The PE firm originally picked 1.4 per cent stake in Manappuram Finance last November through a secondary market deal and has raised its holding since then. As of March 31, 2012, it held 3 per cent in the company.

Manappuram is backed by a host private equity firms including Sequoia Capital India, India Equity Partners, Granite Hill and Ashmore Alchemy.

Kshirsagar has served on the board of a string of companies including HCL Infosystems Ltd, JM Financial Ltd, Rallis India Ltd, Merck Ltd, Ashok Leyland Ltd and Manipal Universal Learning Pvt Ltd.

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Kshirsagar, who holds a bachelor’s degree in science from Mumbai and FCA from Wales, is a fellow member of the Institute of Chartered Accountants.

Listed firms typically do not give board seats to financial investors who invest through the stock market, unless they pick up a large stake. But there have been few cases where the listed company has brought on board a nominee of the PE investor.

Founded in 1992, Manappuram Finance Ltd., formerly known as Manappuram General Finance & Leasing Ltd., is a non banking finance company that provides gold loans, insurance services, foreign exchange, business loans, vehicle loans and gold coins.

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