Adani’s Cemindia is said to near up to $524 million share sale

Adani Group-backed Cemindia Projects Ltd. is reportedly close to initiating a share sale that could raise up to $524 million for institutional investors, according to sources familiar with the transaction. The company, formerly known as ITD Cementation India Ltd., has been engaging with institutional investors and is expected to launch the Qualified Institutional Placement in the coming days, the sources said, declining to be identified due to the sensitive nature of the information.

ICICI Securities Ltd. and SBI Capital Markets Ltd. are involved in the transaction, the sources added, noting that discussions are ongoing and specifics such as the timing and magnitude of the offering may change.

On July 23, Cemindia Projects' board approved raising up to 50 billion rupees ($524 million) through the issuance of equity shares via a Qualified Institutional Placement. India's equity capital market is experiencing its strongest month on record despite a sluggish stock market, driven by a surge in block trades and institutional placements.

Approximately $10 billion worth of deals have been priced in August, led by the Indian government's $3.2 billion share sale in Life Insurance Corp. of India. The robust domestic liquidity continues to fuel demand for new stock.

Adani Group acquired control of Cemindia Projects through its Renew Exim DMCC unit in 2024 and has since increased its stake through an open offer, now holding a 67.46% share in the company. Cemindia Projects specializes in heavy civil, infrastructure, and engineering, procurement, and construction projects in India, as outlined on its website.