NEW DELHI/MUMBAI, Sept. 9 -- Adani Airport Holdings Ltd (AAHL) tapped external equity investors for the first time to raise Rs.9,825 crore (just over $1 billion) to build a war chest ahead of an impending privatization of 11 airports by the Indian government.

Marquee private equity investors Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds will invest the capital in three tranches by July 2027 for a 5.54% stake in the private airport company.

The transaction values the operator of eight airports including Mumbai and Ahmedabad at $18 billion pre-money, according to a press release issued by Adani on Wednesday. That translates to a post-money valuation of about $19 billion for the company, which is expected to be the ...