The Adani group plans to sell 90 per cent stake in its financial services business to private equity firm Bain Capital for Rs 1,440 crore.
The company has been valued at Rs 1,600 crore with the management led by CEO Gaurav Gupta holding 10 per cent stake in the company. Gupta will remain invested in the company. Bain Capital will invest an additional Rs 1,000 crore in the company after acquiring Adani’s stake, said a banking source.
Bain Capital has emerged as the front-runner to acquire a majority stake in Adani Capital in a deal pegged at about Rs 1,500 crore. The deal is expected to be announced any time soon, if not this week.
Private equity firms such as Carlyle Group and Cerberus Capital Management are the others in the fray for the six-year-old shadow bank. The move follows Adani group chairman Gautam Adani’s plans to exit non-core businesses and conserve cash for his core ventures, sources close to the development said.