Shares of ITD Cementation India jumped over 14 percent on September 20, following reports that the Adani Group is set to acquire a 46.64 percent stake held by the company’s promoter.
The stock soared to Rs 539 on the NSE shortly after opening, while Adani Enterprises stock rose 0.35 percent to Rs 2,953.5. According to The Economic Times, the deal could be valued at Rs 5,888.57 crore, including an open offer following the stake purchase. This acquisition would strengthen Adani Group’s civil engineering capabilities.
According to sources, the two parties have reached a deal, in fact, earlier this week and may make this known soon.
At the last count, ITD Cementation had a market cap of Rs 8,097 crore while Adani Enterprises has a market value of over Rs 3.3 lakh crore. The promoter ItalianThai Development Public Co held 46.64 percent stake in ITD Cementation at the end of the June quarter. The company in July said that the promoter is planning to divest its stake in the company.
The promoter will also make a subsequent open offer for another 26 percent of the company’s shares if the stake sale goes through.
ITD Cementation is a company currently involved in marine structures and heavy engineering works with nationwide applications in metro systems of Delhi and Kolkata.
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Source: Moneycontrol
News Desk
