Adani Group-backed Cemindia Projects Ltd. has hired banks to prepare for a share sale to institutional investors, aiming to raise up to Rs 50 billion ($524 million), Bloomberg News reported, citing people familiar with the matter.
Previously known as ITD Cementation India Ltd, Cemindia Projects has held meetings with institutional investors and could launch the qualified institutional placement (QIP) in the coming days, the people said, requesting anonymity as the discussion is private.
The people further stated that deliberations are ongoing and details including the timing, structure and final size of the offering could change.
The planned transaction follows approval from the company’s board on July 23 to raise up to Rs 50 billion by issuing equity shares through a QIP (qualified institutional placement).
The potential sale comes as India’s equity capital market is on track toward its strongest month on record despite broader market sluggishness, driven by a surge in institutional placements and block trades.
Adani Group acquired Cemindia Projects in 2024 through its entity Renew Exim DMCC and subsequently raised its ownership in the company through an open offer to secure a 67.46 per cent stake following the transactions.
According to the company’s website, Cemindia Projects operates across the engineering, procurement, and construction (EPC), heavy civil, and infrastructure sectors in India.
