Renew Exim Dmcc proposed to acquire 26% stake in ITD Cementation India Limited (BSE:509496) for INR 25.5 billion on October 25, 2024. A cash consideration valued at INR 571.68 per share will be paid by Renew Exim Dmcc for 44.664772 million shares. In a related transaction, Renew Exim Dmcc entered into a share purchase agreement to acquire 46.64% stake in ITD Cementation India Limited (BSE:509496) from Italian-Thai Development Public Company Limited (SET:ITD) for approximately INR 32 billion. Upon completion, the Offeror's proposed shareholding after the acquisition of shares, including Offer Shares, assuming full acceptance will hold 12,47,77,952 Equity Shares of the Target Company, constituting 72.64% of the Voting Share Capital. The acquirer has adequate financial resources to meet its obligations of the offer. As of March 19, 2025, Committee of Independent Directors unanimously approved the transaction.
The completion of the Open Offer and the Underlying Transaction is subject to receipt of relevant approvals from various statutory and regulatory authorities, including the Required Statutory Approvals, and other terms and conditions mentioned in the SPA. The Open Offer is not conditional upon any minimum level of acceptance pursuant to the terms of Regulation. The Offeror does not intend to delist the Target Company pursuant to this Open Offer. As of January 29, 2025, the deal has been approved by the Competition Commission of India. The deal is expected to be completed on December 26, 2024. The expected closing of the deal has been extended to April 8, 2025. As of April 3, 2025, in relation to the Open Offer Equity Shares, 52,26,414 constituting 11.70 % of the Offer Size, have been tendered.
Rupesh Khant and Hitesh Malhotra of ICICI Securities Limited acted as Financial advisor to the offer for Renew Exim Dmcc. Pradnya Karanjekar of Linkintime acted as registrar to the offer. IDBI Capital Markets & Securities Limited acted as the independent advisor to ITD Cementation India Limited.
Renew Exim Dmcc completed the acquisition of 20.83% stake in ITD Cementation India Limited (BSE:509496) for INR 20.5 billion on April 8, 2025.
ITD Cementation India Limited is an India-based engineering and construction company. The Company is involved in the heavy civil, infrastructure, and engineering, procurement and construction (EPC) business and operates in India. The Company is engaged in urban infrastructure, Mass Rapid Transport Systems (MRTS) and airports; highways, bridges and flyovers; maritime structures; industrial structures and buildings; water and wastewater; foundation and specialist engineering, and hydro, dams, tunnels and irrigation. It is focused on construction of flyovers, underpasses and river bridges using specialized foundation techniques. The Company offers a modern and comprehensive range of construction techniques for the construction of piles and diaphragm walls, ground improvement, drilling grouting works, rock anchors, slope stabilization and rehabilitation work. The Companyâs subsidiaries include ITD Cementation Projects India Limited, ITD Cemindia JV and ITD Cem-Maytas Consortium.
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