Manappuram Finance has received final approval from the ‌Reserve Bank of India (RBI) for ‌Bain Capital to acquire joint control and up to 41.66% of the company's equity and convertible instruments.

The RBI’s nod to the gold loan financier follows the agreements signed in March under which Bain would invest Rs 4,385 crore for an 18% fully diluted stake.

The purchase at Rs 236 per share would be done through the affiliates of Bain Capital – BC Asia Investments XXV Ltd and BC Asia Investments XIV Ltd.

Bain Capital's stake would range between 18% ‌and 41.7%, depending on open offer acceptance. The existing promoters would hold 28.9% on a fully diluted basis.

Bain Capital will be classified as a promoter and will jointly control Manappuram Finance, an official statement said.

Last month, RBI had raised concerns regarding the deal since Bain already holds a controlling interest in another Indian lender.

Manappuram has a loan book of Rs 31,500 crore.

"With Bain Capital coming on board as a joint controlling shareholder, we are well-positioned to accelerate growth in our core segments, invest further in technology and risk management capabilities and build a professionally managed, future-ready financial services company. It will also help us enhance and expand our branch network pan India," Manappuram Finance managing director and CEO V P Nandakumar said.