Nature of the Event
Adani Enterprises Limited has intimated the stock exchanges about entering into a Shareholders' Agreement (SHA) for its subsidiary, Adani Airport Holdings Limited (AAHL).
Key Details & Dates
The SHA was executed on September 9, 2026, at 7:56 am. The disclosure was filed with the exchanges on the same day and signed by Jatin Jalundhwala, Company Secretary & Joint President (Legal).
Parties Involved
The agreement was entered into amongst:
1. Adani Enterprises Limited (The Company)
2. Adani Airport Holdings Limited (AAHL)
3. Identified Investors, comprising:
- Alpha Wave III, LP (by its general partner, Alpha Wave Special Opportunities GP, LP)
- PI Opportunities Fund-I Scheme II, PI Opportunities Fund II ("Premji Invest")
- Jongsong Investments Pte. Ltd. ("Temasek")
- Multiple funds managed by BlackRock entities:
- BlackRock Global Allocation Portfolio of BlackRock Series Fund, Inc.
- BlackRock Global Funds – Global Allocation Fund
- BlackRock Strategic Income Opportunities Portfolio of BlackRock Funds V
- BlackRock Global Funds – Fixed Income Global Opportunities Fund
Purpose and Rationale
The primary purpose of the agreement is to facilitate the raising of funds by AAHL by way of issuance of its equity shares to the Identified Investors. This issuance will result in the Identified Investors acquiring a stake of up to 5.54% in the equity share capital of AAHL.
Significant Terms of the Agreement
The Shareholders' Agreement shall govern the inter-se rights and obligations among the Identified Investors and Adani Enterprises Limited. These rights will become effective upon the consummation of the first tranche of investment by the Identified Investors in AAHL. These terms will also be captured and reflected in the Articles of Association of AAHL.
Current Shareholding and Relationship
Adani Enterprises Limited presently holds 100% of the equity share capital of AAHL, making it a wholly-owned subsidiary. Post the investment, Adani Enterprises' holding in AAHL will be diluted.
Transaction Classification
The company has explicitly stated that this transaction does not fall within the purview of related party transactions.
Details of Share Issuance
Adani Enterprises Limited is not issuing any shares as part of this agreement. The share issuance is to be undertaken by AAHL, which will issue equity shares to the Identified Investors.
Financial Impact
Financial impact on Adani Enterprises Limited is not quantified in the disclosure. The transaction involves an inflow of funds to its subsidiary, AAHL.