Newsletter
Adani Airport Holdings (AAHL), a subsidiary of Adani Enterprises and one of India’s largest private airport operators, has sealed a deal to raise ₹9,825 crore in primary equity capital from a group of investors, including Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds.
Stock action: shares of Adani Enterprises jumped 4% intraday on the back of this news.
The deets: once the transaction is complete, the investors will collectively hold approximately 5.54% in AAHL.
The deal values the company at a pre-money equity valuation of $18 billion, or around ₹1.75 lakh crore, and is one of the largest primary equity investments by financial institutions in India’s airport infrastructure sector.
AAHL plans to use the money to nearly double its airport capacity to around 200 million passengers. It will also expand and modernise its airports and develop around 22 million sq. ft. of Airport City projects in the first phase.
The company also wants to grow businesses beyond flying, including ground handling and other passenger-facing services.
Zoom out: AAHL also holds a 73% stake in Mumbai International Airport, which in turn owns 74% of Navi Mumbai International Airport.
With eight airports in its management and development portfolio, AAHL is India’s largest airport infrastructure company, accounting for around 25% of passenger traffic and 33% of the country’s air cargo traffic.
