Adani to Acquire Controlling Stake in ITD Cementation for ₹5,700 Crore

The Adani Group is set to acquire a controlling stake in infrastructure company ITD Cementation for over ₹5,700 crore, encompassing both the primary transaction and an open offer. In a stock exchange filing late Friday, ITD Cementation announced that its promoter, Italian-Thai Development Public Company, has entered into an agreement to sell its 46.64% stake to Renew Exim DMCC, an Adani Group subsidiary, for ₹3,204 crore.

This acquisition triggers an open offer under the SEBI takeover code, with Renew Exim proposing to buy up to 4.47 crore shares, equivalent to 26% of ITD Cementation’s equity capital, for ₹2,553.4 crore. The primary transaction is priced at ₹400 per share, while the open offer is set at ₹571.68 per share, offering a premium of ₹32.68 over ITD’s closing price on the NSE on Friday.

If the open offer is fully subscribed, the Adani Group will hold a 72.64% stake in ITD Cementation, significantly enhancing its presence in the infrastructure sector.

HBL