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CLSA has maintained an 'Outperform' rating on Manappuram Finance and raised its target price to ₹270 per share, citing the transformative potential of the recent ₹43.85 billion investment by Bain Capital.
Bain Capital, a leading global private investment firm, has announced plans to acquire joint control in Manappuram Finance and make an open offer to acquire an additional 26% stake in the company.
The offer price for the block deal is at Rs 1,071-1,076.05 per share. At the lower end of the price band, the deal would happen at a mere 0.5% discount from today’s close of Rs 1,076.05
In order to support the business's ongoing growth, Bain Capital has additionally provided $120 million in primary capital. Additionally, Bain Capital will make a $50 million line of credit in the form of non-convertible debentures immediately accessible to the company.