Bain Capital has agreed to buy the 90% stake Gautam Adani’s family holds in an Indian shadow bank, allowing the embattled billionaire to pare down his non-core businesses.
The Boston-based investment firm will buy the stake in Adani Capital and Adani Housing, according to a statement Sunday. While the statement didn’t specify how it’s paying for the stake, Bain has committed $120 million in primary capital to the the company, and will immediately make available a $50 million liquidity line in the form of non-convertible debentures.
Gaurav Gupta, Adani Capital’s managing director and chief executive officer, will continue to hold 10% of the company and remain in his roles, according to the statement.
Read the full story on Bloomberg here.