Gautam Adani News: 90% stake in a company owned by Gautam Adani has been sold. It has been bought by a foreign firm. US-based investment company Bain Capital has signed a deal to buy 90 per cent stake in Gautam Adani’s Housing Finance and Adani Capital. The remaining 10 percent stake in this company of Gautam Adani will be with MD and CEO Gaurav Gupta.
Announcing on July 23, it has been said that the US firm will invest $ 120 million in Adani’s company after acquiring a 90 percent stake. According to the report, the transaction is expected to be completed by the fourth quarter of this year. Bain Capital’s investment follows other global investments from companies such as GQG, which raised its stake in Gautam Adani’s group by nearly 10 per cent in May.
Hindenburg report impact on Adani group
It is worth noting that a report was prepared by American short selling firm Hindenburg on Adani Group, under which many allegations were leveled against Adani Group. Many allegations like fraud, manipulation with shares were made on Adani’s firms. Due to these allegations, investors pulled their hands back from Adani Group. Adani Group has taken several steps to win the trust of investors. At the same time, many projects had to be abandoned.
Company was about to bring IPO
Adani Capital and Housing is a non banking finance company of Adani Group. It has been told in the report that before the report of Hindenburg, the company was planning to bring IPO. According to media reports, this company of Adani Group was planning to raise Rs 1,500 crore from investors, so that it can take forward its non-banking company. Significantly, Adani’s company started the work of distributing loans in 2017 and at present it has 160 branches across the country.
company selling for funds
According to media reports, Adani Group is currently involved in several projects like Navi Mumbai Airport and Ganga Expressway. 20 thousand crore rupees are required for this. In such a situation, the company has planned to close the non-banking finance business.
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