Discover how Adani Group’s Renew Exim DMCC is set to acquire a 46.64% stake in ITD Cementation at ₹400 per share. Learn about the company’s latest developments and share performance.
ITD Cementation Confirms major stock Sale of 46.64% Stake at ₹400 Per Share
In a recent stock exchange filing on October 26, ITD Cementation confirmed that its promoter, Italian-Thai Development Company, will sell 46.64% of its stake to Renew Exim DMCC at ₹400 per equity share. The current market price of ITD Cementation shares stands at ₹549 per share, indicating a significant premium for the acquisition.
Adani Group’s Renew Exim DMCC to Boost Stake
Renew Exim DMCC, a subsidiary of the Adani Group, is not stopping there. The company has also made an offer to acquire an additional 26% stake in ITD Cementation at ₹571.68 per equity share. This aggressive move further solidifies Adani Group’s presence in the civil engineering sector.
Background and Market Interest
In July 2024, ITD Cementation announced that its promoter, Italian-Thai Development Public Company Ltd, was exploring options to sell its stake in the company, with the process still in preliminary stages. According to CNBC-TV18, on August 1, KEC International was initially seen as the frontrunner for the promoter’s stake. However, it was later revealed that Adani Group had entered the race, increasing competition for the acquisition.
Sources also indicate that two other contenders—one domestic and one international—are vying for the same stake, adding to the tension in this significant transaction.
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Recent Developments
Earlier this month, ITD Cementation secured a contract to construct a multi-storey commercial building in Uttar Pradesh, valued at approximately ₹1,937 crore. This contract highlights the company’s ongoing growth and potential despite recent fluctuations in share prices.
ITD Cementation shares ended 1.64% lower at ₹539 apiece on October 25, but it’s noteworthy that the stock has gained an impressive 85.77% this year so far, reflecting strong investor interest and market confidence.
Key Takeaways
- Stake Sale: Italian-Thai Development Company to sell 46.64% stake at ₹400.
- Current Market Price: Shares trading at ₹549.
- Additional Offer: Renew Exim DMCC to acquire 26% stake at ₹571.68.
- Recent Contract Win: Secured ₹1,937 crore project in Uttar Pradesh.
- Yearly Performance: Shares up 85.77% in 2024.
Source: CNBC-TV18
