MIT, 238 Make Swift Exit: ITD Cementation Sees Major Stake Shake-Up as Adani Era Begins

In a significant development, Massachusetts Institute of Technology (MIT) and 238 PLAN have sharply reduced their stake in ITD Cementation India, trimming their combined holding from 3.95% to just 0.34%, as disclosed in a recent exchange filing. This move comes at a time of heightened activity in ITD Cementation’s shareholding structure, following the high-profile acquisition by Adani Group’s Renew Exim DMCC.

 

Key Highlights:

 

MIT and 238 PLAN’s stake reduction follows a period of intense market speculation and a dramatic rally in ITD Cementation shares, which have more than tripled in value over the past year.

 

The timing coincides with Adani Group’s acquisition of a controlling stake in ITD Cementation. Renew Exim DMCC, a Dubai-based Adani entity, is set to acquire up to 72.64% of the company, including a 46.64% promoter stake from Italian-Thai Development Public Company and an additional 26% through an open offer.

 

The promoter stake sale, valued at over Rs 5,700 crore, marks a strategic shift for ITD Cementation, positioning it as a key player in Adani’s infrastructure portfolio and enhancing its execution capabilities in large-scale EPC projects.

 

The exit by institutional investors like MIT and 238 PLAN may reflect profit booking after the stock’s stellar run, or a strategic realignment in light of the new ownership and future direction under Adani.

 

ITD Cementation’s robust order book and recent contract wins continue to attract market attention, but the ownership transition signals a new era for the company’s growth and governance.

 

Source: Economic Times, Business Standard, The Statesman