Global private equity firm Bain Capital is reportedly in advanced talks to acquire Gautam Adani's ten-year-old shadow bank, Adani Capital for a sum of Rs 1,500 crore, reported The Economic Times.
According to ET report, Bain is expected to pay twice the book value and infuse Rs 500 crore of primary capital through equity, the financial daily reported. It is still unclear if the management team will retain a small stake in the company.
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As of the end of the fiscal year 2023, Adani Capital reported assets under management amounting to Rs 3,977 crore, marking a 63 per cent increase from the previous year, with a book value estimated at Rs 800 crore.
Adani Capital, established seven years ago, is led by Gaurav Gupta, a former Lehman Brothers and Macquarie investment banker who joined the conglomerate in 2016. The management team, including Gupta, holds around 10 per cent of the company, while Gautam Adani owns approximately 90 per cent.