ITD Cementation shares tumble nearly 8% as Adani Group looks to acquire 73% stake in co
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Shares of ITD Cementation fell by 7.7% on Monday in an early trading session to their day’s low of Rs 491.55 on the BSE as Adani Group aims to acquire nearly a 73% stake in the company for approximately Rs 5,759 crore. This will be followed by an open offer to purchase an additional 26%, or 44.7 million shares, at Rs 571.68 per share from minority shareholders. If the open offer is fully subscribed, the Adani Group will invest around Rs 5,759 crore for a 73% stake in ITD Cementation, a leader in maritime structures and engineering projects. With this acquisition, the Adani Group will have completed a dozen acquisitions this year alone. This move will enhance the Gautam Adani-led conglomerate's in-house engineering, procurement, and construction (EPC) capabilities. Last week, Adani-owned Ambuja Cements announced it would acquire a 46.8% stake in Orient Cement, valuing the company at Rs 8,100 crore. ITD Cementation India Ltd., incorpora...