** Shares of India's Manappuram Finance MNFL.NS down 1.34%to 266.80 rupees

** The Reserve Bank of India approved Bain Capital's acquisition of joint control and up to 41.66% stake in the non-bank lender on Wednesday

** Jefferies ("hold", TP:285 rupees) says planned capital infusion of 43.85 billion rupees ($470.05 million) could be about 4% to 5% book value accretive but 8-9% EPS dilutive over FY2027–28

** Brokerage flags near-term execution uncertainty due to new CEO's absence, says re-rating hinges on visible turnaround and strategic clarity

** Stock rated "hold" on average by 15 analysts, median PT at 318 rupees, according to data compiled by LSEG

** MNFL stock down 12.5%, YTD

($1 = 93.2880 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

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