NBFC Stock Jumps 5% After Clarification on Delay in Bain Capital’s Acquisition Deal

SYNOPSIS: Manappuram Finance denied reports of delays in its Bain-backed deal, confirming RBI approvals for management changes are in place, filings completed, and final regulatory clearance remains awaited.

During Monday’s trading session, shares of a Non-Banking Finance Company (NBFC) involved in providing a wide range of fund-based and fee-based services surged nearly 5 percent on BSE, after the company denied any delay in Bain Capital’s acquisition deal.

At 10:44 a.m., shares of Manappuram Finance Limited were trading in the green at Rs. 295.1 on BSE, up by over 3 percent, compared to its previous closing price of Rs. 285.2, with a market cap of Rs. 24,978 crores. The stock has delivered positive returns of over 72 percent in one year, and has gained by around 3 percent in the last one month.

What’s the News

As per its latest regulatory filing dated 9th January, Manappuram Finance Limited clarified that a recent media report titled “Manappuram’s Bain deal delayed by Indian regulatory concerns” is factually incorrect and speculative in nature. The company categorically denied the claims made in the report.

The company stated that it has been regularly updating, via stock exchanges, on the proposed investment by BC Asia Investments XIV Limited and BC Asia Investments XXV Limited (together, the proposed investors). The transaction involves the acquisition of joint control, alongside the company’s existing promoters, in Manappuram Finance and its subsidiaries, including Asirvad Micro Finance Limited (AMFL) and Manappuram Home Finance Limited (MHFL).

The company further noted that it has already received approval from the Reserve Bank of India (RBI) for the change in management at Manappuram Finance as well as its key subsidiaries. With respect to the change-of-control application, all required submissions – along with responses to RBI’s clarifications – have been duly filed. The final regulatory approval from the RBI remains pending, and the company reiterated that it will continue to keep exchanges informed of any developments.

Financials & More

Manappuram Finance reported a decline in revenue from operations, experiencing a year-on-year decrease of more than 13 percent, from Rs. 2,633 crores in Q2 FY25 to Rs. 2,283 crores in Q2 FY26. Likewise, its net profit fell during the same period from Rs. 572 crores to Rs. 217 crores, representing a decline of around 62 percent YoY.

In Q2 FY25, the company’s consolidated gold loan AUM rose to Rs. 31,505 crore, marking a 9.4 percent QoQ and 29.3 percent YoY increase. Additionally, cash and cash equivalents on a consolidated basis stood at Rs. 2,509 crore at the end of September 2025.

Manappuram Finance Limited is registered with the RBI as a Systemically Important Non-Deposit Taking Non-Banking Financial Company (NBFC-ND-SI) and has been classified as NBFC-ML (Middle layer) by the RBI as per ‘Scale Based Regulation’. 

The company is engaged in the business of providing a wide range of fund-based and fee-based financial services, including gold loans, financing commercial vehicles, passenger vehicles, construction equipment, farm equipment, micro, small and medium enterprises, two-wheelers, and personal loans and foreign exchange services.

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