Bain Capital to launch open offer for stake in India's Manappuram Finance on April 6

March 25 (Reuters) - Bain Capital said on Wednesday it would launch an open offer on April 6 to purchase a 26% stake in Indian non-bank lender Manappuram Finance MNFL.NS from public shareholders.

Here are more details and background:

• The open offer will close on April 20.

• The U.S. private equity firm is offering 236 rupees ($2.51) per Manappuram Finance share, plus an additional 12.29 rupees apiece as per regulatory requirement.

• The open offer follows Bain's agreement last year to invest about 43.85 billion rupees ($484.40 million) for an 18% fully diluted stake in Manappuram at 236 rupees apiece.

• Upon completion of that investment and if the open offer is fully subscribed, Bain Capital's stake in the gold loan provider would rise to 41.66% .

• Bain Capital, which plans to exercise control over Manappuram Finance and its units, has made the open offer to comply with India's takeover regulations.

• Last month, Manappuram Finance said it had received final approval from the Reserve Bank of India for Bain Capital to acquire joint control and up to 41.66% of the company's equity and convertible instruments.

($1 = 93.9180 Indian rupees)