The allegations-hit Adani Group has exited the NBFC space with Bain Capital agreeing to acquire 90 percent of Adani Capital and Adani Housing.
The transaction will buy out 100 percent of the Adani family’s private investments in the company.
Adani Capital’s current Managing Director and CEO Gaurav Gupta will continue to lead the company and will hold a 10 percent stake.
Bain Capital has also committed $120 million in primary capital to facilitate the company’s ongoing growth.
Further, Bain Capital is also immediately making available to the company a liquidity line $50 million in the form of non-convertible debentures.
Media reports earlier said the Adani Group had put its NBFC arm on the block as part of its strategy to exit the non-core businesses.
The India-based group has been in a restructuring mode following the US-based short-seller Hindenburg Research, on January 24, publishing its report against the group, alleging that the conglomerate was involved in fraudulent transactions, accounting frauds, and stock market manipulation.
The report led to a massive stock rout in Adani Group companies.
The Adani Group, however, denied the allegations.
Follow us on
