Feb 14 (Reuters) - India's Manappuram Finance has 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, the non-bank lender said on Saturday.
The RBI clearance is in relation to agreements signed in March, under which Bain committed to invest about 43.85 billion Indian rupees ($484.40 million) for an 18% fully diluted stake priced at 236 rupees apiece.
Bain Capital's stake will range between 18% and 41.7%, depending on open-offer acceptance, while existing promoters will hold 28.9% on a fully diluted basis, the company said in a statement.
RBI raised concerns last month regarding the deal since Bain already holds a controlling interest in another Indian lender.
Manappuram, which extends loans in which gold is used as collateral, has about a 315 billion rupee loan book, focused on fast-growing gold loans.
($1 = 90.5250 Indian rupees)
(Reporting by Rajveer Singh Pardesi in BengaluruEditing by Rod Nickel)
