Adani Group stocks in bull trend: Amid fundraising buzz, buy flagship Adani Group companies; Adani Group shares witnessed strong buying during early-morning deals on Wednesday. Adani Enterprises' share price surged over 5% and approached its 52-week high of ₹3,245 per share. Adani Power shares also came into the bulls' sights and logged around a 2% intraday gain. Adani Ports' share price went up by nearly 3%. Other Gautam Adani-owned Adani Group stocks were also trading green during the morning session.
Speaking on the reason for such a rise in the Adani Group shares, Avinash Gorakshkar, Founder of Avinash Mentor Research, said, “Adani Group shares are rising today due to the fundraise buzz. The company has announced a fundraiser with marquee global investors. This has triggered buying in the Adani Group stocks as Adani Ports is their core business, and its benefit is expected to trickle down to other Adani Group companies.”
The Adani Group declared the fundraise through a written press statement, saying, “Adani Airport Holdings Limited (AAHL) has entered into binding agreements to raise ₹9,825 crores (~USD 1 billion) of primary equity capital from a consortium of leading domestic and global investors. The transaction values AAHL at a pre-money equity valuation of ~$18 billion, establishing a significant external institutional valuation benchmark for the airports platform.”
Detailing about the investors in the Gautam Adani-owned group of companies, the statement said, “The investor consortium comprises Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds. Upon completion of all three tranches, the investors will collectively hold approximately 5.54% in AAHL.”
The proceeds will support airport modernisation and capacity expansion to serve ~200 million passengers annually, the integrated Adani Airport City development of ~22 million sq. ft. of mixed-use space in the first phase, and the continued scaling of AAHL’s ground handling and non-aeronautical businesses.