Bain Capital is currently, at the forefront of the competition to acquire a majority stake in Adani Capital for an amount of Rs 1,500 crore. The Adani Group intends to divest from core businesses and utilize the funds to strengthen its core ventures. Adani Enterprises has received backing from a consortium led by SBI for its PVC project located at Mundra Port. The recent approval from a panel established by the Supreme Court has instilled confidence in Adani’s plans for expanding its business. However, the allegations made in the Hindenburg report have had an impact on share prices. Hindered Adani Enterprises plans, for a follow on public offer.
Bain Capital, according to sources has emerged as the leading contender to seize a controlling stake in Adani Capital, with a staggering deal estimated at a sum of Rs 1,500 crore, as per the sources. Other leading contenders racing the bidding war included private equity firms like Carlyle Group and Cerberus Capital Management.
Gautam Adani, head of the Adani group, has made a decision to bid farewell to non-core businesses, freeing capital to fuel his core ventures. Sources reveal that this strategic move bolsters the growth of Adani Enterprises‘ core business verticals.
Amidst this development, a consortium of banks, spearheaded by the State Bank of India (SBI), has displayed support by offering to finance Adani’s grand PVC project at the Mundra Port. The PVC project is on track to achieve financial closure by August. The funding, estimated at Rs 14,500 crore, shall primarily be provided by public sector banks, while private lenders shall bear a portion of the weight.
The group’s chairman expressed confidence in expanding their business plans after a Supreme Court-constituted panel cleared them of the baseless allegations alleged in the Hindenburg report.
This report, released in January earlier this year, led to a collapse in the share prices of the Adani Group’s companies, sending shockwaves throughout the financial landscape. The impact was so profound that it even disrupted Adani Enterprises’ follow-on public offer, prompting them to return all the investors’ money to shield them from the unpredictable waves of financial volatility.
