US-based investment firm Bain Capital said on Sunday that it had entered into an agreement to acquire 90 per cent of Adani Capital and Adani Housing, buying out all of the Adani family’s private investments in the company. 

Gaurav Gupta would retain the remaining 10 per cent stake in Adani Capital and would 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. Bain has committed $120 million for the arm and an additional liquidity line of $50 million in the form of non-convertible debentures. 

Bain’s interest in the billionaire Gautam Adani-owned firm comes at a time when it has been under pressure after US short-seller Hindenburg Research accused it of improper business practices, leading to a more than $150-billion plunge in value of the group’s main stocks. 

The transaction, which was expected to close in the fourth quarter of this year, aimed to position Adani Capital as a standalone company to expand lending, Bain said. 

“I am very happy that a credible investor like Bain is stepping in now, and this will help the business grow manifold from here,” said Gautam Adani, the chairman of the Adani Group.