[ad_1]
At current market value, a successful deal would be pegged at 5,888.57 crore ($700 million), inclusive of a fully subscribed open offer that will follow a promoter stake purchase.
The infrastructure conglomerate led by Gautam Adani is ramping up its expansive portfolio spanning airports, highways, ports, power plants and real estate projects. Both sides came to an agreement earlier this week and a formal announcement is due soon, reported ET earlier.
The acquisition is intended to bolster its in-house civil engineering capabilities, said people aware of the matter to ET.
ITD Cementation India is an engineering, procurement and construction (EPC) company with roots in the UK dating back to before India’s independence, having changed hands several times since.
ITD’s promoter Italian-Thai Development Public Co held a 46.64% stake at the end of the June quarter. The company informed the stock exchanges in July that “the promoter shareholders of ITD Cementation India are exploring a potential, possible divestment of their investments in the company”. The sale process was at a preliminary stage and no definitive agreement had been reached yet, it had said.Also read: Vodafone Idea shares tumble 24% in 2 days, slip below Rs 10 mark
If completed, this will be the 11th acquisition so far this year by the Ahmedabad-based Adani Group and is likely to be routed through flagship Adani Enterprises Ltd (AEL), as reported by ET previously.
Meanwhile the shares of Adani Enterprises were trading 1.12% higher at Rs 2,975.35 on BSE around 10 am.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
[ad_2]
Source link
