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.
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.
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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