Ahmedabad: Adani Airport Holdings Ltd (AAHL) has signed binding agreements to raise Rs 9,825 crore, or about $1 billion, from a consortium of domestic and global investors. The consortium includes Alpha Wave Global, Premji Invest, Temasek and funds managed by BlackRock.The transaction values AAHL at a pre-money equity valuation of about $18 billion. The investors will subscribe to new equity shares in three tranches. The final tranche is expected to close by July 2027.Upon completion of all three tranches, the investors will collectively hold about 5.54% in AAHL. AAHL said the funds will support airport expansion and modernisation across its portfolio. The company also plans to develop integrated Adani Airport City ecosystems around its airports.The first phase of Airport City development will cover about 22 million sq ft of mixed-use projects. The funds will also support the expansion of AAHL’s ground handling and other non-aeronautical businesses.The investments are expected to help AAHL expand its capacity to serve about 200 million passengers annually. The transaction comes after Adani Enterprises Ltd raised Rs 15,000 crore through a qualified institutional placement in July. The QIP was the largest by a non-financial corporate in India, according to the company.Jeet Adani, non-executive director of AAHL, said the investment would help the company expand its airport infrastructure and city-side developments. “India’s aviation sector is one of the most powerful multipliers of the country’s GDP growth,” he said.Arun Bansal, CEO of AAHL, said the company aimed to scale its airport platform as passenger traffic and consumer spending grow in India. The transaction remains subject to customary conditions, including applicable regulatory approvals.AAHL, a subsidiary of Adani Enterprises, operates eight airports in India. It handles more than 23% of the country’s total passenger traffic.The company operates across aeronautical services, passenger-facing non-aeronautical businesses and city-side development.Cyril Amarchand Mangaldas, AZB & Partners, JSA Advocates and Solicitors, TT&A Advocates and Solicitors, Jefferies India, SBI Capital Markets and Ernst & Young advised on the transaction.
