Following news that three private equity firms are negotiating a binding deal for Gautam Adani’s seven-year-old shadow bank, Adani Capital, it has now been revealed that Bain Capital is in advanced talks to seal the acquisition.
According to previous reports, Bain Capital, Carlyle Group, and Cerberus Capital Management were in the final stages of submitting binding bids.
According to The Economic Times, Gautam Adani is trying to abandon non-essential businesses in order to save funds for key activities. Gautam Adani owns 90% of the company, and Gaurav Gupta, a former Lehman Brothers and Macquarie investment banker, owns the other 10%.
According to the financial daily, Bain is set to pay up to Rs 1,500 crore for the company, or double the book value, and to inject Rs 500 crore of primary capital through equity. It is unknown whether the management team will keep a modest ownership in the company.
At the end of FY23, the company had almost Rs 4,000 crore of assets under management (AUM), representing a 63% increase from the previous year.