Renew Exim DMCC, a part of the Adani Group, has announced an open offer to acquire up to 4.46 crore shares of ITD Cementation India Limited, representing a 26% stake in the company. The offer price is set at ₹571.68 per share, bringing the total consideration for the open offer to approximately ₹2,553.4 crore, assuming full acceptance by the public shareholders.
The acquisition move follows the signing of a share purchase agreement (SPA) between Renew Exim DMCC and Italian-Thai Development Public Company Limited, the promoter of ITD Cementation. Through the SPA, Renew Exim DMCC will acquire a 46.64% controlling stake in ITD Cementation for a consideration of ₹3,204.5 crore. Upon completion of the transaction and the open offer, the Adani Group is poised to become the new promoter of ITD Cementation India.
The open offer is part of Adani Group’s strategy to expand its footprint in India’s infrastructure sector. ICICI Securities Limited has been appointed as the manager for this open offer.
The offer is subject to regulatory approvals, including from the Competition Commission of India and other relevant authorities, and adheres to SEBI’s Takeover Regulations.