Bain Capital will invest Rs.4,385cr to acquire joint control and promoter status in Manappuram Finance, with all regulatory approvals, including from the RBI, now in place. Post the preferential allotment and open offer, Bain's stake is expected to range between 18% and 41.7%, while the existing promoters' holding will dilute to around 28.9%. The transaction is expected to close by March 31, 2026.The partnership with Bain Capital adds strategic depth, enhancing governance standards, capital flexibility, and execution capabilities as the company enters a stabilization phase. While the recovery is likely to be gradual, operating metrics are expected to improve over time. Accordingly, we upgrade our rating to Hold, with a target...