Global private equity firm Bain Capital has signed a definitive agreement to buy 90% stake in Adani Capital Ltd. and Adani Housing Ltd.
The transaction involves Bain Capital investing $120 million (Rs 984 crore) worth primary capital into the company, according to its statement on Sunday. It will further open a line of $50 million (Rs 410 crore) worth liquidity through non-convertible debentures.
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While Bain Capital will buy out the entire stake owned by the Adani Group, Gaurav Gupta, who currently owns 10% stake and acts as managing director and chief executive officer of Adani Capital, will retain his stake and role.
The transaction, subject to necessary regulatory and market approvals, is expected to close by March 31, 2024, the statement said.
"The team and I are very pleased to welcome a partner like Bain Capital who shares our vision of making affordable finance available to our customer segment with a strong focus on customer literacy and education. With Bain Capital committing Rs 1,000 crore of capital in the company, we are now equipped to grow 4x from here,” Gupta said.
Established in 2017, Adani Capital provides loans to micro, small and medium enterprises as well as for affordable housing. It has a loan book of over Rs 4,000 crore, over 170 branches and 2,500 employees.
Avendus Capital was the exclusive financial adviser to Adani Capital, Adani Housing Finance and their shareholders on this transaction. Rothschild was the exclusive financial adviser to Bain Capital.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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