Shares of Adani Enterprises rose nearly 5% Wednesday after its airport unit announced it had entered into a deal to raise about 98.25 billion rupees ($1 billion) from a group of global and domestic investors.
The binding agreement with Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds values Adani Airport Holdings at about $18 billion on a pre-money basis, according to the company statement.
Latest fundraising follows Adani Enterprises' 150 billion rupee qualified institutional placement in July.
The investment marks an "important milestone" in building out the airports platform, with the company planning to continue investing in infrastructure, city-side developments and non-aeronautical businesses, said Jeet Adani, non-executive director at Adani Airport Holdings.
CEO Arun Bansal said the company aims to become the world's largest airports platform, citing growth opportunities in India, rising consumer spending power and the expansion of its city-side developments.