The Adani group, through an entity owned by Vinod Adani, will be acquiring a controlling stake in infrastructure company, ITD Cementation, for a consideration of up to ₹5,758 crore, including the primary transaction and open offer.

In a filing to the stock exchanges late on Friday, ITD Cementation said its promoter entity, Italian-Thai Development Public Company, has entered into an agreement to sell its 46.64 per cent stake to Renew Exim DMCC – an Adani group firm – for ₹3,204.5 crore. Renew Exim DMCC, a Dubai-based company, is owned by Valiant Investment DMCC. This investment company is owned & controlled by Vinod Adani, the elder brother of industrialist Gautam Adani, along with his wife.

The primary transaction has triggered the open offer under the SEBI takeover code and Renew Exim has made an open offer to acquire up to 4.47 crore shares representing 26 per cent of the equity capital of ITD for ₹2,553.4 crore.

The primary transaction was made at ₹400 per share while the open offer is being made at ₹571.68 per share, a premium of ₹32.68 to the company’s closing price on the NSE on Friday.

Post the open offer, Renew Exim DMCC would be holding 72.64 per cent stake in ITD cementation if the entire open offer goes through.

Vinod Adani stays overseas and holds stake in several Adani group firms through his investment firms and is part of the promoter group of the Ahmedabad-based conglomerate. His son Pranav Adani is a director on the board of Adani Enterprises and currently heads the agro, oil and gas business of the group, as well as Adani Realty.

ITC Cementation is an EPC company with specialisation in maritime structures as well as urban infrastructure such as airports, mass rapid transport systems, highways, bridges, dams and tunnels. At the end of March 2024, it had an outstanding orderbook of ₹19,918 crore, over 31 per cent being for maritime structures.

In FY24, it reported a net profit of ₹274 crore on revenue of ₹7,718 crore.

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