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Bain Capital acquires majority stake in Adani Capital and Adani Housing Finance

Bain Capital, a US private equity firm, has agreed to acquire a significant stake in Gautam Adani’s shadow banking venture in India.

The deal includes Adani Capital and Adani Housing Finance, enabling Adani to focus on core businesses after facing a controversial short-seller attack.

While the financial details remain undisclosed, Bain Capital has committed an additional $170 million to strengthen Adani’s non-bank lender as an independent entity.

The short-seller attack earlier this year, led by US-based Hindenburg Research, alleged accounting fraud and share price manipulation within Adani’s conglomerate, leading to a sharp decline in market value.

Adani Capital, operating for six years, specialises in lending to small and medium-sized businesses, while Adani Housing Finance focuses on home loans.

Former Macquarie investment banker Gaurav Gupta will continue as the CEO of Adani Capital, retaining a 10% stake in the businesses.

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The recent short-seller attack caused turmoil for Adani’s business empire, spanning coal mining, data centres, and TV channels.

To address concerns among bankers, the Adani family restructured their holdings, including electricity and green energy units, enabling repayment of substantial share-backed loans and ensuring higher capital availability for the group.

Bain Capital’s investment reflects confidence in India’s shadow banking sector, expected to benefit from the country’s expanding economy and rising incomes, leading to increased demand for loans to small and medium-sized businesses and housing finance.

The acquisition of Adani Capital and Adani Housing Finance by Bain Capital is seen as a strategic move to leverage India’s financial growth potential despite the recent short-seller attack.

With Adani Capital serving customers through over 170 branches across India and offering diverse financial services, including loans for farmers and supply-chain financing, the additional capital from Bain is expected to drive significant growth in the company’s future.

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