July 23 (Reuters) - U.S.-based investment firm Bain Capital said on Sunday that it has entered into an agreement to acquire 90% of Adani Capital and Adani Housing, buying out all of the Adani family's private investments in the company.
Gaurav Gupta will retain the remaining 10% stake in Adani Capital and will continue to serve as its Managing Director and CEO, Bain said.
Adani Capital is the non-banking financial arm of the Adani group which started its lending operations in 2017.
The transaction, which is expected to close in the fourth quarter of this year, aims to position Adani Capital as a standalone company to expand lending, Bain said.
Adani group stocks have recovered by around $50 billion since the Hindenburg-triggered stock rout early this year after Gautam Adani assured investors and repaid debt.
Persons:
Gaurav Gupta, Bain, Gautam Adani, Gupta, Akanksha, Hugh Lawson, Andrea Ricci
Organizations:
Bain Capital, Adani, Hindenburg, Bain, Thomson
Locations:
Gautam, Bengaluru