Indian billionaire Gautam Adani’s airport unit is raising 98.25 billion rupees (S$1.3 billion) through a stake sale to a consortium of global investors that includes Alpha Wave, Temasek, Premji Invest and BlackRock Inc-managed funds.
The sale of a 5.54 per cent stake in Adani Airport Holdings values the company at a pre-money equity valuation of US$18 billion (S$22.8 billion), according to a company statement on Sept 9.
The deal marks the first foreign investment in Adani Airport, a unit of Adani Enterprises, reflecting the conglomerate’s success in winning back global investors after the tycoon resolved bribery allegations made against him by the US Department of Justice.
The investors will subscribe to new equity shares in the firm in three tranches, with the final tranche expected to be completed by July 2027, the statement said.
Adani Airport is India’s largest private sector airport operator by number of airports. It manages eight airports in India, including the ones in financial centre Mumbai, handling about 96 million passengers a year. BLOOMBERG
