Italian-Thai Development To Sell Stake In ITD Cementation To Adani Group Arm For Rs 3,204 Crore
The initial offer was to buy up to 4.46 crore shares of the ITD Cementation, which is 26% of its voting shares.
Italian Thai Development is set to sell 46.64% stake in ITD Cementation to Renew Exim DMCC. The promoter of the firm will sell 8.01 crore shares at the rate of Rs 400 apiece for the aggregate amount of Rs 3,204 crore
The initial offer was to buy up to 4.46 crore shares of the ITD Cementation, which is 26% of its voting shares. The offer price was set at Rs 571.68 per share, totaling up to around Rs 2,553 crore in case all shareholders decided to sell.
This offer is subject to the necessary approvals from authorities and will follow the guidelines set by the Securities and Exchange Board of India.
The deal triggered an open offer from Renew Exim DMCC where it invited public shareholders to sell up to 4.46 crore shares, which represents 26% of the total voting share capital.
If the Open Offer is fully accepted, Renew Exim DMCC’s total ownership in ITD Cementation could increase to 72.64%.
