Shares of ITD Cementation India soared by over 14% 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. As of 9:31 AM, the shares were trading 11.97% higher at ₹528.00 on the NSE, reflecting strong investor interest.
The Adani Group has reportedly emerged as the frontrunner to acquire the promoter’s 46.64% stake in ITD Cementation India. This acquisition is seen as a strategic move to strengthen Adani’s in-house civil engineering capabilities. According to sources, the deal is valued at ₹5,888.57 crore ($700 million), including a fully subscribed open offer that will follow the promoter stake purchase.
Currently, ITD Cementation India, which has its roots in the UK, is owned by Italian-Thai Development Public Co., which holds 46.64% of the company’s shares, as of the June quarter. The potential acquisition by the Adani Group comes after ITD Cementation revealed in July that its promoters were exploring a potential sale, although no agreement had been reached at that time.
In the race for acquiring ITD Cementation, the Adani Group reportedly outpaced competitors like Abu Dhabi’s leading dredging company and KEC International from the RPG Group. The engineering and construction company is valued at ₹8,107 crore. Should the Adani Group successfully acquire the promoter’s stake, it would trigger an open offer for an additional 26% of the company’s shares.
Notably, the Massachusetts Institute of Technology (MIT) holds a 4.5% stake in ITD Cementation, further adding to the company’s prominence.
As of 9:31 am the shares were trading 11.97% higher at ₹528.00 on NSE