The promoters of ITD Cementation are going to sell a large stake in the company. The company has given information about this on Saturday. In the information sent to the stock market, the company said that its promoter Italian-Thai Development Company is going to sell its 46.64 stake. The company has entered into an agreement with Renew Exim DMCC for this. This deal has been done at Rs 400 per share. On Friday, the stock closed at 533 with a decline of 2.6 percent. Renew Exim DMCC is a company of Adani Group. Renew Exim has offered Rs 571.68 per share to buy an additional 26 percent stake. That is, the offer has been given 7.2 percent above the previous closing level.

 

At the same time, only last month CNBC TV18 got information that Adani Group has also joined the race to buy the stake. At that time sources had informed that two other companies, one of which was of international level, are also interested in buying the stake. Now the company has informed that the share purchase agreement has been done on October 25 to buy the stake.

At the same time, ITD Cementation had informed earlier this month that it has got a contract to build a multi-story commercial building in Uttar Pradesh. The total value of this contract is Rs 1937 crore. The stock has seen a decline in Friday's trading. However, the stock has increased by 86 percent so far in the year 2024.