Shares of Adani Enterprises rose nearly 5% Wednesday after its airport unit announced a binding agreement to raise approximately 98.25 billion rupees ($1 billion) from a consortium of global and domestic investors.
The deal, signed with Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds, values Adani Airport Holdings at roughly $18 billion on a pre-money basis, the company said in a statement.
Investors will subscribe to new shares in three tranches, ultimately holding about 5.54% of the airport operator once the final tranche is completed, which is expected by July 2027. The transaction remains subject to customary conditions and regulatory approvals.
The latest fundraising follows Adani Enterprises' 150 billion rupee qualified institutional placement conducted in July.
Jeet Adani, non-executive director at Adani Airport Holdings, described the investment as an "important milestone" in building out the airports platform. CEO Arun Bansal said the company aims to become the world's largest airports platform, citing growth opportunities in India, rising consumer spending power and the expansion of city-side developments.
Funds will support the expansion and modernization of airport infrastructure, accelerate development of Adani Airport City projects and scale passenger-facing and other non-aeronautical businesses, including ground handling. The investments are expected to increase capacity to serve about 200 million passengers annually.
Adani Airport Holdings manages eight airports across India and accounts for more than 23% of the country's passenger traffic, according to the company.
