Adani Airports to Raise Rs 9,825 Crore from Global Investor Consortium at $18 Billion Valuation

A CORRESPONDENT

AZARA: Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises Limited (AEL), has entered into binding agreements to raise Rs 9,825 crore in primary equity capital from a consortium of domestic and global investors.  The consortium comprises Alpha Wave Global, Premji Invest, Temasek and funds managed by BlackRock. The transaction values AAHL at a pre-money equity valuation of around $18 billion. Following completion of the proposed three tranches, the investors will collectively hold approximately a 5.54 per cent stake in the airport company.

 According to the company, the funds will be utilised to modernise and expand airport infrastructure, develop integrated Adani Airport City projects, and scale up ground-handling and other non-aeronautical businesses. AAHL plans to expand its airport capacity to cater to around 200 million passengers annually. The first phase of its Airport City development is expected to include around 22 million square feet of mixed-use development.

The company said that the investment agreements include a Share Subscription Agreement and a Shareholders' Agreement. The equity subscription will be completed in three tranches, with the final tranche expected by July 2027, subject to customary conditions and applicable regulatory approvals.

The investment follows AEL's Rs 15,000-crore qualified institutional placement (QIP) in July this year, which the company described as the largest QIP by a non-financial corporate in India. AAHL currently manages eight airports across India and handles more than 23 per cent of the country's total passenger traffic, according to the company.

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