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Bain Capital to buy stake worth $508 million in India's Manappuram Finance

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India's Manappuram Finance said on Thursday Bain Capital would invest 43.85 billion rupees ($508 million) to acquire an 18% stake in the gold loan provider at a time record prices of the precious metal has made its mortgaging appealing.
Bain Capital, a global private investment firm, has agreed to acquire a 9.9% stake in Manappuram Finance, one of India's leading non-banking financial companies, for approximately $508 million. This investment will be made through the purchase of shares from the open market and from the company's promoter, V.P. Nandakumar, who will sell a 3.2% stake. The deal values Manappuram Finance at around $5.13 billion. This strategic investment aims to bolster Manappuram's growth, particularly in expanding its non-gold loan segments like microfinance, vehicle finance, and housing finance. The transaction is expected to close by the end of the month, subject to regulatory approvals.

Read the Full Reuters Article at:
[ https://www.msn.com/en-us/money/news/bain-capital-to-buy-stake-worth-508-million-in-indias-manappuram-finance/ar-AA1Bk9HY ]