The leadership change follows Bain Capital’s March 2025 agreement to acquire joint control of Manappuram Finance in partnership with the existing promoters. Bain had committed to invest around Rs 4,385 crore to acquire an 18 per cent stake on a fully diluted basis through a preferential allotment of equity shares and warrants at Rs 236 per share. The transaction also triggered a mandatory open offer for an additional 26 per cent stake.
Kerela based gold loan lender Manappuram Finance on Tuesday announced the appointment of Ashish Singh as its Managing Director and Chief Executive Officer from January 1, 2027.
Singh, who has over 25 years of experience in retail banking, will be appointed as MD & CEO and Key Managerial Personnel for a five year term, the lender said in a regulatory filing. He is currently Head of Retail Liabilities at IDFC FIRST Bank and previously led the bank’s Bharat Banking business, overseeing its asset product portfolio and branch network.
He has also held senior positions at Fullerton India and ICICI Bank, with experience spanning rural banking, product innovation and financial inclusion.
The appointment comes as Manappuram transitions to a new leadership structure following Bain Capital’s investment and joint control of the company. V P Nandakumar, who has led Manappuram as Managing Director and Chairperson, will continue in both roles until December 31, 2026, after which he will be redesignated as Non-Executive Chairperson of the board.
The leadership change follows Bain Capital’s March 2025 agreement to acquire joint control of Manappuram Finance in partnership with the existing promoters. Bain had committed to invest around Rs 4,385 crore to acquire an 18 per cent stake on a fully diluted basis through a preferential allotment of equity shares and warrants at Rs 236 per share. The transaction also triggered a mandatory open offer for an additional 26 per cent stake.
Depending on the response to the open offer and the eventual conversion of warrants, Bain’s holding was structured to range from 18 per cent to 41.7 per cent on a fully diluted basis. The existing promoters were to retain a 28.9 per cent stake on a fully diluted basis.
Under the transaction, Bain was to be classified as a promoter, jointly control Manappuram with the existing promoters and have the right to nominate certain members of the executive management, including the CEO and other key managerial personnel.
The Reserve Bank of India subsequently granted the requisite approvals for the indirect change in control and management of Manappuram’s subsidiaries, Asirvad Micro Finance and Manappuram Home Finance, clearing the way for the proposed Bain transaction. The company said in March 2026 that all requisite statutory approvals for Bain’s approximately Rs 4,385-crore investment and acquisition of joint control had been received.