The Adani Group, led by billionaire Gautam Adani, is reportedly planning to acquire a 46.64% stake in ITD Cementation India. What Happened: The Adani Group has emerged as the top contender to acquire the promoter’s stake in ITD Cementation India,

The Adani Group has emerged as the frontrunner to acquire a 46.64 per cent promoter stake in ITD Cementation India, a move that is expected to bolster the infrastructure conglomerate’s in-house civil engineering expertise,

Shares of ITD Cementation India Ltd surged 20% after reports suggested Adani Group's potential acquisition of a promoter stake. The company later clarified that there is no conclusion on the proposed divestment.

ITD Cementation stock jumped after a news report that Adani Group is the frontrunner for buying out the promoters' stake in the firm, including a fully subscribed open offer post acquisition.

The Adani Group is set to acquire a 46.64% stake in ITD Cementation India for Rs 5,888.57 crore to enhance its civil engineering capabilities. This acquisition will trigger an open offer for an additional 26% stake.

ITD Cementation India's shares surged over 15% amid reports that the Adani Group is poised to acquire a 46.64% stake, potentially valued at ₹5,888.57 crore. The stock has increased by 189% from its 52-week low,

An agreement between both parties was reportedly reached earlier this week, with an official announcement expected soon. However, these details have not been independently verified, the report added.