MANAPPURAM

March 30 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• MANAPPURAM FINANCE LTD - APPROVES FY2026-27 BORROWING PROGRAM INCLUDING NCDS UP TO 74 BILLION RUPEES

Source text: ID:nBSE6xGDyf

Further company coverage: MNFL.NS

((Reuters.Briefs@thomsonreuters.com;))

March 25 (Reuters) - Bain Capital said on Wednesday it would launch an open offer on April 6 to purchase a 26% stake in Indian non-bank lender Manappuram Finance MNFL.NS from public shareholders.

Here are more details and background:

• The open offer will close on April 20.

• The U.S. private equity firm is offering 236 rupees ($2.51) per Manappuram Finance share, plus an additional 12.29 rupees apiece as per regulatory requirement.

• The open offer follows Bain's agreement last year to invest about 43.85 billion rupees ($484.40 million) for an 18% fully diluted stake in Manappuram at 236 rupees apiece.

• Upon completion of that investment and if the open offer is fully subscribed, Bain Capital's stake in the gold loan provider would rise to 41.66% .

• Bain Capital, which plans to exercise control over Manappuram Finance and its units, has made the open offer to comply with India's takeover regulations.

• Last month, Manappuram Finance said it had received final approval from the Reserve Bank of India for Bain Capital to acquire joint control and up to 41.66% of the company's equity and convertible instruments.

($1 = 93.9180 Indian rupees)

(Reporting by Komal Salecha and Nandan Mandayam in Bengaluru; Editing by Eileen Soreng)

((Komal@thomsonreuters.com;))

** Shares of India's Manappuram Finance MNFL.NS down 1.34%to 266.80 rupees

** The Reserve Bank of India approved Bain Capital's acquisition of joint control and up to 41.66% stake in the non-bank lender on Wednesday

** Jefferies ("hold", TP:285 rupees) says planned capital infusion of 43.85 billion rupees ($470.05 million) could be about 4% to 5% book value accretive but 8-9% EPS dilutive over FY2027–28

** Brokerage flags near-term execution uncertainty due to new CEO's absence, says re-rating hinges on visible turnaround and strategic clarity

** Stock rated "hold" on average by 15 analysts, median PT at 318 rupees, according to data compiled by LSEG

** MNFL stock down 12.5%, YTD

($1 = 93.2880 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

March 18 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• MANAPPURAM FINANCE - RBI GRANTED FINAL APPROVAL IN RESPECT OF INDIRECT CHANGE OF CONTROL AND MANAGEMENT OF AMFL AND MHFL

Source text: ID:nBSE52rLZQ

Further company coverage: MNFL.NS

((Reuters.Briefs@thomsonreuters.com;))

March 13 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• IMPOSES MONETARY PENALTY ON MANAPPURAM FINANCE OF 270,000 RUPEES

Source text: ID:nnAZN4SL2PN

Further company coverage: MNFL.NS

((Reuters.Briefs@thomsonreuters.com;))

Feb 25 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• CEO DEEPAK REDDY TO TAKE MEDICAL LEAVE OF ABSENCE

• MEDICAL LEAVE OF ABSENCE FOR PERIOD OF 90 TO 120 DAYS

Source text: ID:nBSE6Hx1SY

Further company coverage: MNFL.NS

((Reuters.Briefs@thomsonreuters.com;;))

Feb 14 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• MANAPPURAM FINANCE LTD - RBI GRANTS APPROVAL FOR BAIN CAPITAL TO ACQUIRE JOINT CONTROL IN MANAPPURAM FINANCE

• MANAPPURAM FINANCE LTD - BAIN CAPITAL COMMITTED TO INVEST APPROX 43.85 BILLION RUPEES TO ACQUIRE 18 % STAKE ON A FULLY DILUTED BASIS

Source text: [ID:]

Further company coverage: MNFL.NS

((Reuters.Briefs@thomsonreuters.com;))

** Shares of India's Manappuram Finance MNFL.NS drop 2.88% to 288.60 rupees

** Gold-loan financier reported 14.5% y/y drop in Q3 profit to 2.41 billion rupees ($26.22 million), due to slowdown in its struggling microfinance segment

** Jefferies ("hold", PT: 285 rupees) says lower NIMs and higher provisions drove Q3 profit miss, even as gold loan growth remained strong and management rolled out franchise-strengthening initiatives

** Brokerage PhillipCapital (PT: 260 rupees) upgrades to "neutral" from "sell" citing improving gold loan momentum, management-led restructuring, despite Q3 profit fall on higher costs and microfinance stress

** Stock rated "hold" on avg by 15 analysts, median PT at 295 rupees -- data compiled by LSEG

** MNFL gained ~64% in 2025, stock down about 3.8% in Jan

($1 = 91.9020 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

Jan 29 (Reuters) - Indian gold-loan financier Manappuram Finance MNFL.NS reported a third-quarter profit drop on Thursday, as a slowdown in its struggling microfinance segment and higher financing costs weighed.

The Thrissur, Kerala-based company's consolidated net profit fell 14.5% year-on-year to 2.41 billion rupees ($26.21 million) for the quarter ended December 31.

The lender has faced higher default rates on microfinance loans, which are collateral-free small loans to borrowers, after a period of aggressive lending in the segment. This has prompted it to adopt a more cautious approach.

Manappuram's revenue from operations fell 8% to 23.53 billion rupees, mainly due to a 55% drop in revenue from its microfinance segment.

However, a cautious lending approach in the microfinance segment helped lower the loan loss provisions by 36% year-on-year.

The company's mainstay gold loan segment reported robust growth aided by record-high prices of the precious metal.

Consolidated gold loan assets under management (AUM) grew 58% year-on-year to 387.54 billion rupees, with total AUM rising 18%.

However, finance cost in the standalone business, which consists mainly of the gold loans business, rose 21%.

Shares of the company ended 1.8% higher ahead of the results.

($1 = 91.9510 Indian rupees)

(Reporting by Surbhi Misra and Nishit Navin in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

By Nishit Navin and Bharath Rajeswaran

Jan 12 (Reuters) - Indian banks are expected to post better annual and sequential earnings in the December quarter, supported by improving loan growth and stable asset quality, though pressure on deposit growth is likely to cap upside, brokerages said.

Analysts expect private sector banks to post average profit after tax growth of about 3.5%–5% year-on-year for October-December, higher than the 2% rise in the year-ago period. State-owned lenders are seen registering a more modest 2.5%–3% rise.

Credit momentum, the pace of loan growth, has strengthened in recent months on festive-season spending and Goods and Services Tax (GST) cuts, signalling a rebound in credit appetite in the world's fastest-growing major economy. Major lenders posted double-digit loan growth in the December quarter.

Net interest income (NII) is expected to improve sequentially as loan growth picks up.

"NII is likely to see a sequential uptick in the December quarter, driven by better loan growth," said Vishal Narnolia, assistant vice-president, research, at ICICI Securities.

Motilal Oswal estimates NII growth of around 6% year-on-year and 4% quarter-on-quarter in the third quarter.

Net interest margins (NIMs) are expected to remain flat, as the benefits of lower term deposit rates and recent cash reserve ratio (CRR) cuts offset the lagged impact of cumulative rate cuts.

The Reserve Bank of India has cut the repo rate by 125 basis points since February 2025. Asset quality is expected to remain stable, with easing stress in unsecured retail and microfinance portfolios, while provisions are expected to fall sequentially.

Among non-bank lenders, a recovery in demand across select segments and stable asset quality should underpin performance in the December quarter.

Gold financiers, such as Manappuram Finance MNFL.NS and Muthoot Finance MUTT.NS, are expected to post about 39% growth in assets under management on strong gold loan demand, while vehicle financiers should benefit from improved disbursement momentum amid pent-up demand, tax cuts and festive tailwinds.

By contrast, housing finance companies may report weaker disbursements due to intense competition from banks.

Outside lending, exchanges and brokers are expected to post robust revenue growth on a recovery in derivatives volumes and a rise in commodity trading activity.

Life insurers are also seen reporting strong earnings, supported by tax cuts that boost protection demand, and lower interest rates.

Looking ahead, Narnolia said the March quarter should benefit from deposit repricing and a pickup in unsecured retail segments such as microfinance and credit cards, though lending yields will remain under pressure after the RBI's latest rate cut.

(Reporting by Nishit Navin and Bharath Rajeswaran in Bengaluru; Editing by Rashmi Aich)

((Nishit.Navin@thomsonreuters.com;))

Updates January 9 story to add company disclosure issued late on Friday in paragraphs 7-8

By Gopika Gopakumar

MUMBAI, Jan 10 (Reuters) - India's central bank has raised objections to Bain Capital's plan to acquire a controlling stake in Manappuram Finance as the U.S. firm has a controlling interest in another Indian lender, three people with direct knowledge of the matter said.

Shares in Manappuram MNFL.NS slid on the news, extending losses to close down 7.8%.

The Reserve Bank of India frowns on investors having control of multiple lenders - whether they be banks or non-banks. Private equity firms that have held 20% or more in non-bank lenders have previously had to divest holdings in the face of RBI opposition.
Bain, which announced its planned investment in the gold loan firm last March, is exploring a phased divestment in Tyger Capital, a smaller firm, to address the RBI's concerns, one of the people said.

The sources were not authorised to speak to media and declined to be identified.

Asked for comment, Bain Capital Special Situations fund, which holds Bain's investment in Tyger Capital, said it has not announced and does not have any plans currently to sell a controlling stake.

The fund is "focused and fully committed to growing Tyger Capital to achieve its full potential in partnership with its management team, given the strong fundamentals and growth opportunities in the markets it serves," it said in a statement late on Friday.

Manappuram, which extends loans where gold is used as collateral, in a late Friday statement to stock exchanges said the Reuters story was "factually incorrect and speculative in nature", without elaborating. However, it said the company had responded to certain clarifications sought by the RBI.

"The necessary filings (including responses to clarifications sought from RBI) have been made ... approval of the RBI for the proposed transaction is pending," Manappuram said.

RBI did not respond to requests for comment. Tyger declined to comment.

Bain received approval for the Manappuram deal, which was announced last March, from India's market regulator and the competition commission, but the RBI is the final authority for the clearance of any large stake purchases in banks and non-bank lenders.

The proposed deal calls for Bain to acquire 18% of Manappuram for around 44 billion rupees ($490 million), after which it would launch an open offer for an additional 26%. That would make Bain one of two controlling shareholders with the right to influence management decisions.

The investments would be made through two of its funds, BC Asia Investments XXV and BC Asia Investments XIV.

Bain owns 93% of non-bank lender Tyger Capital, formerly Adani Capital, after purchasing shares from the Adani family in 2023.

Bain has argued that the investments are being made through different funds and teams, but that argument is unlikely to sway the RBI, according to one source.

Manappuram has a 315 billion rupee ($3.5 billion) loan book, focused on fast-growing gold loans. Tyger has a smaller asset base of 73.2 billion rupees that includes business, farm and home loans.

India's financial sector saw a rush of foreign investments last year. Japan's MUFG 8306.T announced in December it would take a 20% stake in Shriram Finance for $4.4 billion. Blackstone BX.N agreed in October it would pay around $700 million for a 9.9% stake in India's Federal Bank FED.NS.

(Reporting by Gopika Gopakumar; Editing by Ira Dugal, Edwina Gibbs and William Mallard)

((Gopika.Gopakumar@thomsonreuters.com;))

By Gopika Gopakumar

MUMBAI, Jan 9 (Reuters) - India's central bank has raised objections to Bain Capital's plan to acquire a controlling stake in Manappuram Finance MNFL.NS as the U.S. firm has a controlling interest in another Indian lender, three people with direct knowledge of the matter said.

The Reserve Bank of India (RBI) frowns on investors having control of multiple lenders - whether they be banks or non-banks. Private equity firms that have held 20% or more in non-bank lenders have previously had to divest holdings in the face of RBI opposition.
Bain, which announced its planned investment in the gold loan firm last March, is exploring a phased divestment in Tyger Capital, a smaller firm, to address the RBI's concerns, one of the people said.

The sources were not authorised to speak to media and declined to be identified.

Bain declined to comment. It received approval for the Manappuram deal, which was announced last March, from India's market regulator and the competition commission but the RBI is the final authority for the clearance of any large stake purchases in banks and non-bank lenders.

Manappuram, which extends loans where gold is used as collateral, did not respond to a request for comment.

The RBI also did not respond to a request for comment, while Tyger declined to comment.

The proposed deal calls for Bain to acquire 18% of Manappuram for around 44 billion rupees ($488 million) after which it would launch an open offer for an additional 26%. That would make Bain one of two controlling shareholders with the right to influence management decisions.

The investments would be made through two of its funds, BC Asia Investments XXV and BC Asia Investments XIV.

Bain owns 93% of non-bank lender Tyger Capital, formerly Adani Capital, after purchasing shares from the Adani family in 2023. That investment is held by the Bain Capital Special Situations fund.

Bain has argued that the investments are being made through different funds and teams but that argument is unlikely to sway the RBI, according to one of the sources.

Manappuram has a 315 billion rupee ($3.5 billion) loan book, focused on fast-growing gold loans. Tyger has a smaller asset base of 73.2 billion rupees that includes business, farm and home loans.

India's financial sector saw a rush of foreign investments last year. Japan's MUFG 8306.T announced in December it would take a 20% stake in Shriram Finance for $4.4 billion. Blackstone BX.N agreed in October it would pay around $700 million for a 9.9% stake in India's Federal Bank FED.NS.

($1 = 90.1730 Indian rupees)

(Reporting by Gopika Gopakumar; Editing by Ira Dugal and Edwina Gibbs)

((Gopika.Gopakumar@thomsonreuters.com;))

MUMBAI, Dec 30 (Reuters) - India's Manappuram Finance MNFL.NS accepted bids worth 5 billion rupees ($55.7 million) for bonds maturing in two years, three bankers said on Tuesday.

The lender will pay a coupon of 8.15% and had invited commitment bids for the issue on Monday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on December 30:

*Size includes base plus greenshoe for some issues

($1 = 89.7500 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Mrigank Dhaniwala)

((Khushi.malhotra@tr.com))

MUMBAI, Dec 29 (Reuters) - India's Manappuram Finance MNFL.NS plans to raise up to 10 billion rupees ($111.33 million), including a greenshoe option of 5 billion rupees, through the sale of bonds maturing in two years, three bankers said on Monday.

The lender has invited coupon and commitment bids for the issue later in the day, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on December 29:

*Size includes base plus greenshoe for some issues

($1 = 89.8210 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

((Dharamraj.dhutia@tr.com, Khushi.malhotra@tr.com))

Sept 17 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• MANAPPURAM FINANCE LTD - RBI APPROVES MANAGEMENT CHANGE AT MANAPPURAM FINANCE

Source text: ID:nBSE759pbc

Further company coverage: MNFL.NS

((reuters.briefs@thomsonreuters.com;))

Adds details throughout

Aug 8 (Reuters) - Indian gold-loan financier Manappuram Finance MNFL.NS reported a drop in first-quarter profit on Friday, as bad-loan provisions in the microfinance segment jumped.

The company's consolidated net profit fell 75% year-on-year to 1.38 billion rupees for the quarter ended June 30.

Indian lenders have been reporting rising default rates in microfinance loans - collateral-free small loans to borrowers - following a period of aggressive lending in the segment.

Bad loans and provisions in Manappuram's microfinance unit nearly tripled to 4.83 billion rupees, accounting for a large chunk of the total company-wide provisions of 5.59 billion rupees.

Its net interest income - the difference between interest earned and paid out - declined 14.2% to 14.07 billion rupees.

Revenue from the microfinance business fell 53.5% to 3.61 billion rupees, while revenue from the gold loan segment rose 10% to 19.04 billion rupees as bullion prices climbed in the quarter. The segment contributes 84% of total revenue.

The company's total assets under management fell 1.4% to 443.04 billion rupees.

Manappuram approved the appointment of V. P. Nandakumar as the chairman of the company on Friday.

(Reporting by Nishit Navin; Editing by Janane Venkatraman)

((Nishit.Navin@thomsonreuters.com;))

June 24 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• INDIA COMPETITION REGULATOR: APPROVES PROPOSED COMBINATION FOR ACQUISITION IN MANAPPURAM FINANCE, MANAPPURAM ASSET FINANCE BY BAIN CAPITAL

Source text: [ID:]

Further company coverage: MNFL.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Shares of Muthoot Finance MUTT.NS settle 4% higher at 2,542.90 rupees

** Gold loan provider's market capitalisation crosses 1 trillion rupees after recent rally; last at 1.02 trillion rupees

** RBI on Friday relaxed norms for small-ticket loans

** Stock on track to rise for seventh straight session, gaining 23% in the period

** Rally began after country's finance ministry sought easing of RBI proposals on gold loans in late May

** MUTT up 19% YTD vs 40% rise in rival Manappuram Finance MNFL.NS

(Reporting by Nishit Navin in Bengaluru)

((nishit.navin@thomsonreuters.com))

** Shares of Indian gold financiers jump

** Manappuram Finance MNFL.NS up ~3%, while Muthoot Finance MUTT.NS and IIFL Finance IIFL.NS jump ~7% and ~5%, respectively

** Reserve Bank of India will finalise regulations on gold loans by early next week, chief Sanjay Malhotra says

** Adds aims to increase loan-to-value ratio to 85% from 75% currently for loans below 250,000 rupees ($2,916)

** Loan-to-value ratio compares the loan amount to the asset's value

** The proposal of a higher LTV is a big positive and will boost credit growth for gold lenders, especially Muthoot and Manappuram, says Elara Securities analyst Shweta Daptardar

** No credit appraisals required for loans up to 250,000 rupees also positive for these lenders with minimal disruption to existing operational systems, Daptardar adds

** On an avg, MUTT is rated "buy", MNFL "hold" and IIFL "strong buy" - data compiled by LSEG

** YTD MUTT up 14%, MNFL up 28% and IIFL 8% higher

($1 = 85.7180 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

** Indian gold loan financiers up between 2% to 8%

** Federal finance ministry seeks relaxation in the new rules on gold loans proposed by the central bank

** Muthoot Finance MUTT.NS up 7.59%, Manappuram Finance MNFL.NS up 3.1% and IIFL Finance up IIFL.NS up 2.16%

** Central bank, in April, proposed tighter rules for monitoring and disbursement of gold loans, often used by low income borrowers

** Finance Ministry proposes small ticket borrowers below 200,000 rupees ($2344.05) should be excluded from the tighter rules to ensure speedy disbursements

** Final rules by central bank yet to be issued as it seeks comments

** MUTT said in mid-May that the proposed central bank regulations could drive borrowers away from formal lenders to unregulated players

(Reporting by Ananta Agarwal in Bengaluru)

((Ananta.Agarwal@thomsonreuters.com))

** Gold loan providers Muthoot Finance MUTT.NS and IIFL Finance IIFL.NS extend losses from Wednesday, losing 6% and 1.2% respectively; markets shut on Thursday

** Manappuram Finance MNFL.NS inches up 0.2%

** India's central bank proposed stricter rules for gold loan providers on Wednesday, including cap of 75% on loan-to-value ratio, standardised procedure to assess gold purity, rules on collateral management

** Kotak Institutional Equities downgrades MUTT to 'ADD' from 'BUY', moderating growth and margin assumptions

** Says it expects overhang of regulatory changes to temper stock performance

** Macquarie says LTV rules could reduce effective LTV of product given buffers needed for gold price fluctuations, interest payments, while new rules on collateral management could hit potential demand

** Muthoot Finance fell 6.7%, IIFL Finance lose 2.5%, Manappuram Finance declined 1.8% on Wednesday after RBI proposal

** Broader market .NSEI climbs 1.6% on Friday on U.S. tariff reprieve .BO

(Reporting by Chris Thomas in Bengaluru)

((chris.thomas@thomsonreuters.com))

Updates

** Shares of Indian gold loan providers trim losses; Muthoot Finance MUTT.NS down 4.8%, IIFL Finance IIFL.NS down 2.5% and Manappuram Finance MNFL.NS dip 1.5%

** Reserve Bank Of India governor on Wednesday clarified that central bank is not looking to tighten gold loan rules

** In the monetary policy address on Wednesday, RBI chief had said that the central bank will issue comprehensive regulations on prudential norms and conduct-related aspects for gold loan providers

** MUTT fell as much as 12% after monetary policy speech, while IIFL lost as much as 8.3%

** Reuters reported last month that RBI plans to ask lenders to follow stricter underwriting processes for gold loans

** MUTT up 2.6% YTD, IIFL down 21% YTD.

** YTD, MNFL up 20%

(Reporting by Sethuraman NR in Bengaluru)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net/))

March 25 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• FITCH RATINGS: BAIN CAPITAL'S PLAN TO ACQUIRE STAKE IN MANAPPURAM FINANCE COULD HELP TO ALLAY MANAGEMENT SUCCESSION UNCERTAINTY IN MANAPPURAM FINANCE

• FITCH RATINGS: NEW EQUITY RAISED SHOULD SUPPORT MANAPPURAM FINANCE'S CAPITAL BUFFER, GROWTH PROSPECTS

• FITCH: INTENDED REFRESH OF MANAPPURAM FINANCE'S EXEC TEAM COULD RAISE CONTINUITY RISKS IF NOT SMOOTHLY MANAGED

Source text: [ID:]

Further company coverage: MNFL.NS

((Reuters.Briefs@thomsonreuters.com;;))

Adds details, background, analyst comments from paragraph 4 onwards

March 21 (Reuters) - Shares of India's Manappuram Finance MNFL.NS jumped 6% on Friday after analysts said that Bain Capital's plans to buy an 18% stake and jointly control the gold loan provider will help ease its management succession plans.

U.S. private equity firm Bain Capital will subscribe to Manappuram's shares and warrants at 236 rupees apiece, at a 9% premium over the stock's closing price on Thursday of 217.5 rupees.

After the investment, which is valued at $508 million, Bain Capital will jointly control Manappuram with other large shareholders, termed as 'promoters' under Indian regulations.

Manappuram's shares rose as much as 6.3% to 231.08 rupees - their highest level on record - as of 12:05 p.m. IST.

The company's founder and CEO V.P. Nandakumar, who has been at the helm for almost four decades, will become the company's non-executive chairman post the investment, it said on Thursday, with investors now eyeing nominations for the top role.

Bain Capital will also have the capacity to influence strategic decisions at Manappuram, including the right to nominate for the appointment of key roles, such as the CEO, which analysts at Jefferies and CLSA see as a key positive from the deal.

"We see the possibility of healthy re-rating in Manappuram stock as new management takes over," CLSA analysts said in a note.

Jefferies and CLSA raised their price targets on the stock after the announcement by 14.6% and 20%, respectively. They have "buy" and "outperform" ratings on the stock.

The deal, which comes at a time when record prices have made gold mortgaging appealing, is expected to close in the next financial year and will aid growth in Manappuram's gold loan business.

Gold loans contribute 75% of the company's overall revenue.

Jefferies also said that a part of the capital raised from the stake sale may be utilized to absorb losses in Manappuram's microfinance business, which was hit by uncertainty in market conditions and regulatory scrutiny .

Its unit, Asirvad Micro Finance would withdraw the IPO draft papers, Manappuram said on Thursday.

(Reporting by Manvi Pant in Bengaluru; Editing by Eileen Soreng)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

March 20 (Reuters) - Manappuram Finance Ltd MNFL.NS:

• MANAPPURAM FINANCE LTD - BAIN CAPITAL TO ACQUIRE JOINT CONTROL IN MANAPPURAM FINANCE

• MANAPPURAM FINANCE LTD - BAIN CAPITAL TO INVEST 43.85 BILLION RUPEES FOR 18% STAKE IN MANAPPURAM FINANCE

• MANAPPURAM FINANCE LTD - TRANSACTION TRIGGERS MANDATORY OPEN OFFER FOR ADDITIONAL 26% STAKE AT 236 RUPEES PER SHARE

• MANAPPURAM FINANCE LTD - EXISTING PROMOTERS TO HOLD 28.9% STAKE POST INVESTMENT

• MANAPPURAM FINANCE LTD - INVESTMENT AT A PREMIUM OF 30% OVER 6 MONTH AVERAGE TRADING PRICE

Source text: ID:nBSE984K4F

Further company coverage: MNFL.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Shares of Muthoot Finance MUTT.NS rise 2.4% to 2235 rupees, set to snap three-straight days of losses

** Gold loans financier gets the Reserve Bank of India's permission to open 115 new branches

** Avg. analysts' rating on the stock is "Buy" vs "Hold" on peer Manappuram Finance MNFL.NS; median PT on MUTT is 2490.5 rupees - LSEG data

** Stock up 4% so far this year, after a 45% jump last year

(Reporting by Aleef Jahan in Bengaluru)

((aleefjahan.cs@thomsonreuters.com))

** Shares of Manappuram Finance MNFL.NS climb as much as 3.8% to 209 rupees, last up 2.7%

** Bain Capital is nearing deal worth $1 bln with top shareholders of MNFL, The Economic Times newspaper reported

** Deal to acquire controlling stake in the gold loan financier, report added, citing sources

** Manappuram and Bain did not immediately respond to Reuters requests for comments

** Over 17.6 mln shares traded vs 30-day avg of 12.7 mln shares

** MNFL rated "hold" on avg, peer Muthoot Finance MUTT.NS rated "buy" - LSEG data

** Year-to-date, MNFL, MUTT up ~7%, ~4%, respectively

(Reporting by Manvi Pant in Bengaluru)

((Manvi.Pant@thomsonreuters.com; +918447554364;))

** Shares of gold loan provider Manappuram Finance MNFL.NNS fall 11% this week, set for worst week since mid-Oct

** On the day, co down 5.1% at 184.1 rupees after third-quarter profit miss, hurt by stress in its microfinance business

** Of 13 analysts covering the stock, at least four downgraded MNFL after results; however, avg rating is "buy" - LSEG data

** YTD stock has lost 2.4%

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

BENGALURU, Feb 13 (Reuters) - Indian gold loan financier Manappuram Finance MNFL.NS reported a third-quarter profit that missed analysts' estimates on Thursday, hurt by the stress in its microfinance business, including a quarter-long ban from issuing loans.

The company's consolidated net profit halved to 2.82 billion rupees ($32.5 million) in the quarter, missing analysts' average estimate of 4.59 billion rupees, as per data compiled by LSEG.

Indian lenders have seen rising default rates in microfinance loans, or collateral-free small loans to borrowers, following a period of aggressive lending in the segment.

Bad loans and provisions in Manappuram's microfinance unit surged four-fold to 4.73 billion rupees, accounting for a large chunk of total company-wide provisions of 5.55 billion rupees in the October to December quarter.

At the start of the period, the Reserve Bank of India (RBI) had barred the unit from sanctioning and disbursing loans due to "usurious" pricing and for charging a significant mark-up over funding costs. The RBI lifted the ban last month.

As a result, revenue in its microfinance business dropped around 5% to 6.65 billion rupees in the quarter.

However, revenue from Manappuram's gold loan portfolio, which contributes 75% of total revenue, rose 17%, aided by gold prices jumping to record highs.

Rising gold prices increase how much a customer can borrow against bullion, benefiting gold financiers in terms of loans issued.

The company's net interest income rose 5%.

While Manappuram missed analysts estimates, its larger rival Muthoot Finance MUTT.NS rode the increase in gold prices to report a bigger-than-expected quarterly profit on Wednesday.

($1 = 86.8680 Indian rupees)

(Reporting by Nishit Navin; Editing by Savio D'Souza)

((Nishit.Navin@thomsonreuters.com;))

Adds RBI lifting restrictions on Kotak Mahindra Bank

Jan 9 (Reuters) - The Reserve Bank of India has started to ease curbs on non-banking financial companies (NBFCs) and banks after they improved their compliance following a series of supervisory restrictions.

High interest rates and tighter regulations have been cited as contributors to weak demand and a slowdown in India's economic growth, including by the federal finance ministry in a recent report.

The Indian central bank also got a new chief in December with Sanjay Malhotra taking over from Shaktikanta Das.

The following is a list of companies whose restrictions have been removed by the RBI.

KOTAK MAHINDRA BANK

The Reserve Bank of India on Wednesday lifted restrictions on Kotak Mahindra Bank KTKM.NS that had barred the lender from taking on new customers via its online and mobile banking channels, and from issuing new credit cards.

RBI had imposed business restrictions on the lender , asking it to stop adding clients through its online and mobile banking channels and issuing credit cards due to gaps in its IT infrastructure.

ASIRVAD MICRO FINANCE, DMI FINANCE, AROHAN FINANCIAL SERVICES, NAVI FINSERV

The RBI, last month, removed restrictions imposed on DMI Finance and Manappuram Finance-owned MNFL.NS Asirvad Micro Finance with immediate effect.

The regulator had in October barred the two companies, along with Arohan Financial Services and Navi Finserv, from sanctioning and disbursing loans due to "usurious" pricing and charging a significant mark-up over their funding costs.

The same restrictions on Arohan were lifted last week, and from Navi in December.

EDELWEISS ASSET RECONSTRUCTION, ECL FINANCE

The central bank last month lifted restrictions on Edelweiss Asset Reconstruction and ECL Finance, first imposed in May 2024, which barred them from acquiring financial assets or undertaking structured transactions.

The regulator was satisfied with the measures taken to address what it had called "evergreening" of distressed loans.

JM FINANCIAL

A unit of financial services firm JM Financial JMSH.NS in October resumed financing activities related to shares and debentures, including loans for IPO subscriptions after the central bank ended restrictive measures.

The RBI in March barred JM Financial Products from issuing such loans, due to regulatory violations and governance concerns.

IIFL FINANCE

In September, the RBI permitted IIFL Finance to resume issuance of gold loans.

The central bank had barred it from offering gold loans in March, citing concerns about its assessment of gold collateral and violations of the maximum permitted loan-to-value ratio, among other issues.

BAJAJ FINANCE

The RBI in May reversed curbs imposed on India's largest NBFC, Bajaj Finance, allowing it to restart loan disbursals under two of its lending products.

The restrictions were levied in November 2023 due to non-adherence with the central bank's digital lending guidelines.

(Reporting by Nandan Mandayam and Kashish Tandon in Bengaluru; Editing by Varun H K)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))