ITD Cementation share jumped more than 15% this week following reports that the Adani Group is set to acquire a 46.64% stake in the engineering and construction company for ₹5,888.57 crore.
According to reports, the Adani Group is the frontrunner for acquiring the promoter’s 46.64% stake in ITD Cementation India. This acquisition is viewed as a strategic move to boost Adani’s in-house civil engineering capabilities. The deal is reportedly valued at $700 million, or ₹5,888.57 crore, including a fully subscribed open offer that will follow the promoter stake purchase.
In the meantime, ITD Cementation witnessed a strong trading session on Friday, opening at ₹521.00 and reaching a high of ₹565.85 and a low of ₹515.10.
