9 April, 2025: Renew Exim, an Adani entity, is pleased to announce the successful completion of the open offer as a precursor to the acquisition of ITD Cementation. The open offer witnessed tender of 20.83% ITD Cementation shares for which the Company has made the full payment. The remaining formalities are being completed to conclude the acquisition of the stake from existing promoters pursuant to share purchase agreement dated 25 October 2024. With the conclusion of the transactions as above, Renew Exim shall hold 67.46% of ITD Cementation.
This acquisition marks a significant milestone as it enhances the overall projects execution capabilities and strategically positioning Adani portfolio companies to capitalize on the burgeoning opportunities in the country's booming infrastructure sector.
A group of International investors including BlackRock participated in a new bond issuance to support the acquisition of ITD Cementation by Renew Exim.
