US private equity group Bain Capital has agreed to buy Indian billionaire Gautam Adani’s entire stake in his so-called shadow bank, as the infrastructure billionaire focuses on core businesses following a bruising short-seller attack.
Bain did not disclose how much it paid for Adani’s 90 per cent stake in Adani Capital and Adani Housing Finance but said it would invest a further $170mn through primary capital and debt to build up the non-bank lender as a “standalone company”.
It is the first time the tycoon has sold his entire stake in a company since US-based short seller Hindenburg Research published a scathing report on Adani’s conglomerate in January, alleging accounting fraud and share price manipulation. Adani denies the allegations.
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