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Adani Group To Acquire Major Stake in ITD Cementation

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Synopsis:

Adani’s Renew Exim DMCC to acquire 46.64% in ITD Cementation at ₹400 per share. An additional 26% stake is offered at ₹571.68. Shares saw an 85.77% rise this year.

Adani Group news today

ITD Cementation India Ltd announced on October 26 that its promoter, Italian-Thai Development Company, will sell a 46.64% stake to Adani Group’s Renew Exim DMCC. The shares will be sold at ₹400 per equity share, marking a substantial transaction in the Indian infrastructure space. The acquisition strengthens Adani’s foothold in civil engineering, aligning with its strategic expansion goals.

ITD CEMENTATION INDIA LTD

Trade

539.8-2.65 (-0.48 %)

Updated - 11 November 2024
544.80day high
DAY HIGH
530.00day low
DAY LOW
251292
VOLUME (BSE)

Offer for additional 26% stake at a premium

In addition to the 46.64% stake, Renew Exim DMCC has also extended an offer to acquire a further 26% equity in ITD Cementation at a premium rate of ₹571.68 per share. This additional offer underscores the Adani Group’s intention to consolidate its ownership and operational influence within ITD Cementation. The existing market price of ITD Cementation shares is ₹549, giving the premium offer an attractive valuation that could appeal to minority shareholders.

Background on stake sale negotiations

The decision follows months of speculation surrounding ITD Cementation’s promoter stake. In July 2024, Italian-Thai Development Public Company Ltd revealed its intent to explore stake sale options, initially in preliminary stages. KEC International emerged as a front-runner in August, though the process later saw Adani’s Renew Exim DMCC enter the competitive bidding. Other bidders included one domestic and one international entity, highlighting the strategic interest ITD Cementation’s assets have garnered within the civil infrastructure sector.

Recent project achievements

Earlier this month, ITD Cementation secured a contract to construct a multi-storey commercial building in Uttar Pradesh, valued at ₹1,937 crore. This project adds to the company’s robust portfolio of civil infrastructure developments, enhancing its reputation within the industry. The recent contract win signifies a promising outlook for ITD Cementation as it continues to attract high-profile projects, despite upcoming promoter changes.

ITD Cementation share price performance

As of October 25, ITD Cementation shares traded 1.64% lower at ₹539 each, following the stake sale announcement. The company’s stock, however, has shown remarkable growth over the year, with an 85.77% increase in value, reflecting investor confidence in its project wins and business strategy. With Adani’s acquisition, the ITD Cementation share price may experience further movement, driven by the anticipated strategic alignment under Adani’s Renew Exim DMCC.

This stake acquisition by Adani’s Renew Exim DMCC marks a significant shift in ITD Cementation’s ownership structure, potentially unlocking new synergies within the infrastructure sector. As the transaction progresses, industry observers will closely watch the company’s stock performance and upcoming project developments.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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