ITD Cementation’s share price surged over 14% on Friday.
The Adani Group is reportedly in talks to acquire the promoter’s 46.64% stake.
The deal could be worth Rs 5,888.57 crore.
The acquisition is aimed at bolstering the Adani Group’s civil engineering capabilities.
The market is likely reacting positively to the news as it sees the potential for Adani Group to bring its expertise and resources to ITD Cementation, leading to growth and value creation for both companies.
ITD Cementation India’s stock saw a significant surge, climbing over 14 percent on Friday, September 20, following reports that the Adani Group is in discussions to acquire the promoter’s 46.64 percent stake in the company. The stock reached as high as ₹539 on the NSE after opening.
Meanwhile, Adani Enterprises also saw a minor rise in its stock price, up by 0.35 percent, trading at ₹2,953.5. This acquisition aligns with Adani’s strategy to expand its influence in infrastructure and construction sectors.