Manappuram CEO takes medical leave as Bain Capital gains nomination rights

Manappuram Finance CEO Deepak Reddy has gone on medical leave for up to 120 days, even as Bain Capital prepares to assume promoter status and secure rights to nominate key executives

Manappuram Finance shares fell over 2 per cent intraday after the non-banking finance company said its CEO, Deepak Reddy, will be on medical leave from February 25.

 

According to an exchange filing, Reddy has sought leave to travel overseas for medical treatment for a period of 90 to 120 days, depending on progress of the treatment. Shares of the gold financier settled at Rs 293.10 per share, 1.2 per cent lower than its previous close. 

“Deepak Reddy, chief executive officer and key managerial personnel of the company, has informed the company that he requires medical leave of absence from today i.e. February 25, 2026, to travel overseas for medical treatment, for a period of 90 to 120 days depending on progression of the treatment,” the company said. 

 

Recently, Manappuram Finance received RBI nod for private equity firm Bain Capital’s investment in the company. Bain will invest Rs 4,385 crore for an 18 per cent stake in the company. The transaction will trigger a mandatory open offer for the purchase of an additional 26 per cent stake in the company, following which Bain Capital’s stake post-investment will vary between 18 per cent and 41.7 per cent.

 

Bain Capital will be classified as promoter of the company post-investment and will jointly control the company with existing promoters. Moreover, Bain Capital will have the right to nominate for appointment certain members of the executive management, such as the CEO and other key managerial personnel for Manappuram Finance and group companies. Bain will have two nominee directors in the reconstituted board of Manappuram.