Shares of Adani Enterprises rose nearly 5% Wednesday after its airport unit announced a binding agreement to raise about 98.25 billion rupees ($1 billion) from a group of global and domestic investors. The deal, with Alpha Wave Global, Premji Invest, Temasek, and BlackRock managed funds, values Adani Airport Holdings at about $18 billion on a pre-money basis. The investors will subscribe to new shares in three tranches and collectively own about 5.54% of the airport operator after the final tranche, expected by July 2027, subject to customary conditions and regulatory approvals. This follows Adani Enterprises' 150 billion rupee qualified institutional placement in July. The investment marks an "important milestone" in building out the airports platform, with plans to continue investing in infrastructure, city-side developments, and non-aeronautical businesses, said Jeet Adani, non-executive director at Adani Airport Holdings. 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 expansion of city-side developments. The funds will support expansion and modernization of airport infrastructure, accelerate Adani Airport City projects, and scale passenger-facing and other non-aeronautical businesses, including ground handling, with the goal of increasing 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.
BlackRock IncAirport unit raised ~$1B from global/domestic investors, valuing Adani Airport Holdings at ~$18B pre-money.
