KEC International likely frontrunner to acquire promoter stake in ITD Cementation: CNBC-TV18

KEC International likely frontrunner to acquire promoter stake in ITD Cementation

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Infrastructure company KEC International is likely frontrunner to acquire promoter stake in construction company ITD Cementation, CNBC-TV18 reported on August 1 citing sources.

Promoter Italian-Thai Development Company owns 46.64 percent stake in ITD Cementation.

CNBC-TV18 reported that deal negotiations are in advanced stages and an announced is possible by early October.

Promoter stake in ITD Cementation could be valued at Rs 4,000-4,500 crore, the channel added.

KEC International recently announced Rs 6,000-crore fundraising plan.

KEC International order book at the end of FY24 stood at Rs 37,000 crore while that of ITD Cementation stood at Rs 20,000 crore.

While ITD Cementation declined to comment on CNBC-TV18’s query, KEC International told the channel that it "continuously evaluates various organic and inorganic growth opportunities".

"We do not comment on market rumors. Will make disclosures on any relevant developments," KEC International told CNBC-TV18.

At 11:45 am on August 1, ITD Cementation shares on BSE were trading 1.36 percent higher at Rs 519.7 apiece while those of KEC International were trading 1.5 percent higher at Rs 938.25 apiece.