Additionallly, Renew Exim will acquire 26 percent stake in ITD Cementation from public shareholders through an open offer at Rs 571.68 per share, amounting to Rs 2,553 crore if fully subscribed.
Renew Exim DMCC, a Adani Group firm, has entered into an agreement to acquire 46.64 percent stake in engineering and construction firm ITD Cementation India from its promoters for Rs 3,204 crore at Rs 400 per share, the company announced in a stock exchange notification.
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.
Source: bt business Today
About The Author
More Stories
‘I’m shocked at the arrogance…’: Gautam Singhania slams Lamborghini over test drive debacle
1 Year, 82 IPOs, over Rs 1 trillion raised and still counting…
PVR INOX is actively looking to expand into Tier II and Tier III cities, particularly in South India, says company CFO Gaurav Sharma