This will be followed by an open offer to purchase an additional 26%, or 44.7 million shares, at Rs 571.68 per share from minority shareholders. If the open offer is fully subscribed, the Adani Group will invest around Rs 5,759 crore for a 73% stake in ITD Cementation, a leader in maritime structures and engineering projects. With this acquisition, the Adani Group will have completed a dozen acquisitions this year alone.
This move will enhance the Gautam Adani-led conglomerate’s in-house engineering, procurement, and construction (EPC) capabilities.
Last week, Adani-owned Ambuja Cements announced it would acquire a 46.8% stake in Orient Cement, valuing the company at Rs 8,100 crore.
ITD Cementation India Ltd., incorporated in 1978, is a small-cap company with a market capitalization of Rs 9,167.44 crore, operating in the construction sector.
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