ITD Cementation Promoter to Sell 46.64% Stake to Adani Group’s Renew Exim DMCC

Keyword: ITD Cementation, Adani Group, Renew Exim DMCC, stake sale

In a significant move, ITD Cementation’s promoter, Italian-Thai Development Public Company Ltd, has announced plans to sell a substantial 46.64% stake in the company to Renew Exim DMCC, a subsidiary of the Adani Group. The deal includes an offer for an additional 26% stake at ₹571.68 per equity share, compared to the current market price of ₹549 per share.

This development follows a statement from ITD Cementation in July 2024, indicating that the promoter was exploring options to divest its stake in the civil engineering firm. The process was initially in its preliminary stages, but this latest offer signals a more advanced phase in negotiations.

The potential acquisition by Renew Exim DMCC reflects the Adani Group’s continued expansion in the infrastructure and engineering sectors, as it seeks to strengthen its portfolio. As the deal progresses, stakeholders will be keenly watching how this change in ownership impacts ITD Cementation’s operations and market position.

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