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  5. ITD Cementation shares surge 17% amid reports of stake acquisition by Adani Group for over ₹5,888 crore

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ITD Cementation shares surge 17% amid reports of stake acquisition by Adani Group for over ₹5,888 crore

Upstox
By Upstox News Desk

2 min read | Updated on September 20, 2024, 11:11 IST

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SUMMARY

The Adani Group is likely to acquire the 46.64% stake in ITD Cementation India through Adani Enterprises Ltd (AEL) for ₹5,888.57 crore, according to a media report. The company plans to enhance its civil engineering capabilities, the report said, citing sources privy to the matter.

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ITD Cementation shares surge 13% amid reports of stake acquisition by Adani Group for over ₹5,888 crore

ITD Cementation India is an engineering, procurement and construction (EPC) company.

Shares of ITD Cementation surged 17% to ₹552 apiece on the NSE after reports of Adani Group’s plan to acquire the promoter’s stake in the company.
The Adani Group is likely to acquire 46.64% stake in ITD Cementation India through Adani Enterprises Ltd (AEL) for ₹5,888.57 crore, according to a report by the Economic Times. The company plans to enhance its civil engineering capabilities, the report mentioned, citing sources privy to the matter.

The report also claimed that both the Adani Group and ITD Cementation came to an agreement earlier this week and a formal announcement is due soon. The acquisition of the promoter’s stake is also likely to trigger an open offer for an additional 26% stake.

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ITD Cementation India is an engineering, procurement and construction (EPC) company. At the end of the June quarter of FY25, the company’s promoter, Italian-Thai Development Public Co. held a 46.64% stake.

Earlier in July, the EPC firm informed the exchanges that its promoter shareholders are exploring a potential, possible divestment of their investments in the company. The company added that the sale process was at a preliminary stage and no definitive agreement had been reached.

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The Adani Group is increasing its presence across various domains of the infrastructure industry such as airports, highways, ports, power plants and real estate projects. If the Adani Group acquires the 46.64% stake in ITD Cementation, it will be the company’s 11th acquisition so far this year.

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