Manappuram Fin at new high

Manappuram Finance's stock experienced a notable increase today, rising by approximately 7% to hit a new 52-week high at Rs.231 and it continues to trade around the same levels.

This surge follows the announcement that Bain Capital has entered into definitive agreements to acquire joint control of the company. Specifically, Bain Capital will invest Rs.4,385 crore to acquire an 18% stake on a fully diluted basis through a preferential allotment of equity and warrants at Rs.236 per share, representing a 30% premium over the six-month average trading price.

Additionally, reports indicate that approximately 3.75 million shares of Manappuram Finance changed hands via a block deal today, though the parties involved have not been officially disclosed.

Overall, the market has reacted favourably to this development, reflecting confidence in the company's future prospects under the new partnership.