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.

The investors will subscribe to new shares in three tranches and collectively own about 5.54% of the airport operator after the final tranche, which is expected to be completed by July 2027. The deal remains subject to customary conditions and regulatory approvals. 

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.

The funds will support the expansion and modernization of airport infrastructure, accelerate the development of Adani Airport City projects and scale passenger-facing and other non-aeronautical businesses, including ground handling.

The investments are expected to increase capacity to serve about 200 million passengers annually, the company said.

Adani Airport Holdings manages eight airports across India and accounts more than 23% of the country’s passenger traffic, according to the company.

—  CNBC’s Priyanka Salve contributed to this report.