ITD Cementation promoter to pare 46.64% stake

28 Oct 2024 , 10:22 AM

In a stock exchange filing on Saturday, October 26, ITD Cementation announced that its promoter, Italian-Thai Development Company, will sell 46.64% of its stake to Renew Exim DMCC for ₹400 per equity share.

The current market price for the stock is ₹549 per equity share.

Adani Group’s Renew Exim DMCC has offered to acquire a 26% stake in the company for ₹571.68 per equity share.

In July 2024, ITD Cementation reported that Italian-Thai Development Public Company Ltd, the promoter of the company, was planning to sell its stake in the civil engineering company, but the process was still in its early stages.

On August 1, reports suggested that KEC International emerged as the front-runner to acquire the promoter holding in ITD Cementation. But, last month, it was claimed that the Adani Group had also entered the race to acquire the promoters’ stake in the company.

On another side, earlier this month, the company was awarded a contract to build a multi-story commercial structure in Uttar Pradesh. The contract is reportedly for ₹1,937 Crore.

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