Adani Enterprises block deal: Rs 2,498 crore shares changed hands; stock gains

Adani Enterprises Ltd (AEL) on Thursday saw 86,00,000 shares changing hands at Rs 2,905 apiece on NSE, a 0.17 per cent premium over its Thursday's closing price of Rs 2,900. The block deal was valued at Rs 2,498.30 crore. Buyers and sellers of the deal could not be identified.

Following the development, the stock was trading 0.23 per cent higher at Rs 2,926.60 apiece. Adani Enterprises has a 12-month consensus target of Rs 3,773, implying 30 per cent potential upside.

Adani Airport Holdings (AAHL), a subsidiary of Adani Enterprises (AEL), has entered into a share subscription agreement and a shareholders’ agreement to raise equity capital of INR98b (USD1b) from a consortium of investors, comprising Alpha Wave Global, Premji Invest, Temasek and BlackRockmanaged funds.

"We view the transaction positively as it brings in high-quality global investors and provides growth capital to fund AAHL’s sizeable expansion pipeline. We see scope for further monetisation and strategic investments across AEL’s key businesses, which will unlock embedded value and provide additional funding to support the group’s large growth capex pipeline," MOFSL said on Friday.

It said Adani Enterprises' market leadership, superior scale, diversified growth portfolio, and proven incubator model positions it as a leading global infrastructure platform.

Jefferies, which recently hosted the AEL management, suggested a target of 3,830 on the Adani stock. MOFSL has a target of Rs 3,880 on AEL; Morgan Stanley finds the stock worth Rs 3,638.

Jefferies said the AEL management highlighted incubation-to-value-unlocking model, with Airports and Data Centers emerging as key growth pillars.

"Airports are nearing an earnings inflection, driven by Navi Mumbai ramp-up, higher non-aero monetisation and city-side development, while AI is expanding the opportunity for Adani ConneX. Recent capital raises leave AEL well positioned to fund its next growth phase," it said.

Jefferies said the AEL management noted that the rapid adoption of AI is materially enhancing growth prospects for Adani ConneX. "With 960MW of contracted capacity today and a target of ~3GW by 2031, the platform is well positioned to benefit from rising hyperscaler demand. The stronger demand outlook has already prompted a more aggressive expansion plan than originally anticipated," it said.