Khaitan, CAM, Kirkland act on Bain Capital's ₹4,385 crore investment in Manappuram Finance

Bain Capital has proposed a ₹4,385 crore investment to acquire joint control in Manappuram Finance Limited through a preferential allotment of equity shares, share warrants, and a mandatory open offer.

The investment will secure an 18% stake on a fully diluted basis, with an open offer for an additional 26%, potentially increasing Bain’s total stake to 41.7%. Upon completion, Bain Capital will join as a co-promoter.

Khaitan & Co has advised Manappuram Finance and its promoters on this investment deal.

The transaction team included Haigreve Khaitan (Senior Partner), Vivek Sriram (Partner), Gautam Suseel (Partner), Abhishek Dadoo (Partner), Gaurav Malhotra (Counsel), Rahul Chandramouli (Principal Associate), Atul Narayan (Senior Associate), Vaasavi Sashiraman (Senior Associate), Vismita Gahlot (Senior Associate), Aanchal Kapoor (Associate), Partha Mansukhani (Associate), Vishnu Vasudevan (Associate), Gaurang Mansinghka (Associate), Niyati Karia (Associate) and Shubhra Wadhawan (Associate).

Anshuman Sakle (Partner) and Yatharth V. Singh (Associate) advised on merger control related aspects.

Cyril Amarchand Mangaldas represented Bain Capital on the deal and open offer.

The team was led by Cyril Shroff, Managing Partner; L. Viswanathan, Senior Partner; and Anchal Dhir, Partner; with the support from Shubham Rastogi, Principal Associate; Surabhi Saboo, Senior Associate; Swini Khara, Associate; Aman Borthakur; Senior Associate and Varun Kannan, Senior Associate.

Aman Borthakur; Senior Associate; Kriti Jain, Associate; Aanchal Jain, Associate; Prachurya Sahu, Associate; and Samraddhi Shetty, Associate; assisted on due diligence.

Jian Johnson, Partner; and Yusuf Khatawala, Associate; assisted on regulatory due diligence.

Arun Prabhu, Partner (Head - Technology); and Swati Sharma, Partner (Head - Intellectual Property); assisted on intellectual property aspects of the transaction.

Abhijeet Das, Partner; with the support from Reuben Mascreen, Senior Associate; Parnika Jain, Associate; Khushi Jaffar, Associate; Karthika Sanjay, Associate; and Yashi Gulecha, Associate; assisted on financing aspect of due diligence.

Abe Abraham, Partner; assisted on human resources aspect of the transaction.

Avaantika Kakkar, Partner (Head - Competition); with the support from Swaha Sinha, Senior Associate; assisted on competition aspects of the transaction.

Gazal Rawal, Partner; Havish Gotecha, Associate; Yash Mukadam, Associate; Aastha Vyas, Associate; and Ujjwal Agrawal, Associate; assisted with the regulatory application of the transaction.

Kirkland & Ellis also advised Bain Capital on this transaction.

Manappuram Finance is a leading non-banking financial company (NBFC) in India, primarily known for its gold loan services.

It has a widespread network across the country, serving a diverse customer base with various financial products, including gold loans, microfinance, and housing finance.

Bain Capital is a global private investment firm with a significant presence in various sectors, including financial services. Known for its strategic investments and operational expertise, Bain Capital actively seeks opportunities to drive growth and create value in its portfolio companies. In India, Bain Capital has demonstrated a keen interest in the financial services sector,

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