Adani Group's Renew Exim buys 46.64% stake in ITD Cementation, announces Rs 2,553 crore open offer

Adani group's open offer to acquire an additional 26 percent stake in ITD Cementation from public shareholders at Rs 571.68 per share amounts to Rs 2,553 crore if fully subscribed.

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26 Aug, 2025 12:21

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Adani Group unit Renew Exim DMCC has announced a definitive agreement to acquire a 46.64 percent equity stake in ITD Cementation India Ltd from Italian-Thai Development Public Company Ltd (ITD) for about Rs 3,204 crore, at Rs 400 per share. The transaction is set to boost Adani’s civil engineering capabilities as it scales up in sectors such as airports, highways, and metro projects.

This acquisition comes alongside an open offer by Renew Exim to acquire an additional 26 percent stake in ITD Cementation from public shareholders at Rs 571.68 per share, amounting to Rs 2,553 crore if fully subscribed. The open offer price is at a 6 percent premium over ITD Cementation stock’s last closing price of Rs 539.

ITD Cementation share price has ballooned over 180 percent in the last one year, taking the company’s current market capitalisation to over Rs 9,260 crore. Earlier, in September 20, shares of ITD Cementation surged 20 percent to upper circuit on reports of Adani Group's interest in acquiring ITD's stake. At the time, Adani Enterprises share price had also gained 2 percent.

In July 2024, ITD Cementation had said its promoter Italian-Thai Development Public Company Ltd was exploring selling its stake in the civil engineering company, and the process was back then in the preliminary stage.

Following the transaction, Renew Exim will gain control of ITD Cementation, with ITD stepping down or declassifying as a promoter shareholder. The board of ITD Cementation will undergo reconstitution, with Adani-nominated directors joining, while ITD representatives will resign. The sale and the open offer are subject to SEBI regulations and various statutory approvals, which include specific non-compete clauses and standstill agreements pending the deal's closure.

ITD Cementation specialises in engineering and construction projects, with a portfolio spanning metro systems and maritime structures, such as the Delhi and Kolkata metros. The company has a track record in complex infrastructure projects.

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