Shares of Adani Enterprises Ltd climbed nearly 5% on Wednesday after its airport subsidiary announced a binding agreement to raise 98.25 billion Indian rupees (equivalent to $1 billion) from a group of domestic and international investors.

The investment, backed by Alpha Wave Global, Premji Invest, Temasek, and funds managed by BlackRock, values Adani Airport Holdings at roughly $18 billion on a pre-money basis, according to the company's official release.

Investors will subscribe to new shares in three tranches, with the final capital contribution expected by July 2027. Once fully paid, these investors will hold an approximate 5.54% stake in the airport operator. The transaction remains subject to customary closing conditions and regulatory approvals.

This fresh fundraising round follows Adani Enterprises' earlier 150-billion-rupee qualified institutional placement completed in July, marking another significant capital move for the conglomerate.

Jeet Adani, non-executive director of Adani Airport Holdings, described the investment as a "significant milestone" in building the airport business platform, noting the group's continued commitment to infrastructure, airport city development, and non-aeronautical ventures.

Chief Executive Arun Bansal said the company aims to create the world's largest airport operations platform, capitalising on India's growth opportunities, rising consumer spending power, and the expansion of airport city projects.

The raised funds will be directed toward expanding and modernising airport infrastructure, accelerating the Adani Airport City projects, and scaling up passenger-facing non-aeronautical services such as ground handling.

The company stated that these investments are expected to lift annual passenger handling capacity to approximately 200 million. Adani Airport Holdings currently operates eight airports across India, managing more than 23% of the nation's total passenger traffic.