Manappuram Finance faces $57.63m open offer from BC Asia Investments

Manappuram Finance has disclosed a proposed open offer from BC Asia Investments XXV Limited and associated entities to acquire up to 244,227,387 equity shares, representing 26% of the company's expanded voting share capital. The offer price is set at INR 236 per share. Assuming full acceptance, the total consideration for the open offer would amount to INR 57,637,663,332. Kotak Mahindra Capital Company Limited is managing the offer, while MUFG Intime India Private Limited is the registrar. The transaction is subject to regulatory approvals and fulfillment of specific conditions. The Acquirer has furnished a Bank Guarantee for INR 66,600,000,000. In relation to the open offer, a cash deposit of INR 5,764,000,000 has been deposited by the Acquirer in the Escrow Account.