Adani Enterprises shares jump over 5% as AAHL raises $1 billion

New Delhi: Shares of Adani Enterprises Ltd jumped over 5 percent on Wednesday as Adani Airport Holdings Ltd (AAHL) will raise about USD 1 billion in primary equity from a consortium of global and domestic investors, including Alpha Wave Global, Temasek, Premji Invest, and funds managed by BlackRock.

AAHL is a subsidiary of Adani Enterprises.

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The stock climbed 4.74 percent to settle at Rs 3,100 on the BSE. During the day, it surged 6.13 percent to Rs 3,141.40.

At the NSE, the stock jumped 5.13 percent to end at Rs 3,104.70.

The company's market valuation surged Rs 18,888.55 crore to Rs 4,19,563.36 crore.

The Rs 9,825-crore fundraising is among the largest primary equity investments by financial institutions in India's airport infrastructure sector and gives AAHL an external institutional valuation benchmark as the country's aviation market enters a period of expansion in passenger traffic and airport capacity.

The investors have signed binding agreements with AAHL to subscribe to new equity shares in three tranches, with the final tranche expected to be completed by July 2027, the Adani group firm said in a statement.

Upon completion of all three tranches, the consortium will collectively hold about 5.54 percent in AAHL.

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The proceeds will be used to expand and modernise AAHL's airport infrastructure, develop integrated airport-city ecosystems and scale its passenger-facing and non-aeronautical businesses, including ground handling, it said.

AAHL plans to develop about 22 million sq ft of mixed-use projects in the first phase of its airport-city development programme. The investments are expected to help increase the platform's capacity to serve about 200 million passengers annually, while expanding commercial revenues and passenger services.

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