Adani Enterprises said on Wednesday it had agreed to sell up to a 5.54% stake in its airport unit, raising about $1 billion from a group of investors comprising Temasek, BlackRock, Premji Invest and Alpha Wave to fund the business.
Under the deal, Adani Airport Holdings will issue fresh shares to the consortium of investors, bringing in new capital for the business, while Adani Enterprises will remain its controlling shareholder.
The deal values the airport operator at about $18 billion before the investment. The company did not disclose the size of each tranche or the price at which the shares would be issued.
The funds will be used to expand and modernise the company's airport network, develop airport-linked commercial infrastructure and scale adjacent businesses such as ground handling and passenger services.
The investor group comprises Temasek's Jongsong Investments, Alpha Wave III, Premji Invest's PI Opportunities funds, and funds managed by BlackRock across global allocation, strategic income and fixed-income strategies.
Adani Airport Holdings, India's largest airport infrastructure company, manages eight airports, including the Mumbai International Airport, accounting for about 25% of the country's passenger traffic and 33% of its air cargo volumes.
