Italian Thai Growth is ready to promote 46.64% stake in ITD Cementation to Renew Exim DMCC. The promoter of the agency will promote 8.01 crore shares on the charge of Rs 400 apiece for the combination quantity of Rs 3,204 crore
The preliminary provide was to purchase as much as 4.46 crore shares of the ITD Cementation, which is 26% of its voting shares. The provide worth was set at Rs 571.68 per share, totaling as much as round Rs 2,553 crore in case all shareholders determined to promote.
This provide is topic to the mandatory approvals from authorities and can observe the rules set by the Securities and Change Board of India.
The deal triggered an open provide from Renew Exim DMCC the place it invited public shareholders to promote as much as 4.46 crore shares, which represents 26% of the entire voting share capital.
If the Open Provide is totally accepted, Renew Exim DMCC’s complete possession in ITD Cementation may improve to 72.64%.