ITD Cementation India Ltd. announced on Wednesday that its promoter shareholder, Italian Thai Development Public Co., is exploring a potential divestment of their holding in the company. The promoter currently owns 46.64% equity in the company as of March.
That values Italian Thai's shares at Rs 4,596.89 crore as on Wednesday.
The process is currently at a preliminary stage and no definitive decision in this regard has been taken as yet, according to the company's exchange filing. The company has no additional information to provide at this stage.
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The divestment decision comes amid a slew of companies having their promoters trim their ownership as equity markets hit record highs.
Promoters of 37 companies in the NSE Nifty 500 sold around Rs 87,400 crore so far this year till June—the highest in the last five years—driven by business expansion, compliance with minimum public shareholding norms, debt reduction, and strategic realignment of promoter interests, according to Kotak Securities.
Moreover, the combined value of bulk and block trades in the world's fifth-largest stock market in June crossed the Rs 1-lakh-crore mark and is the highest in at least five years.
On June 26, the company had bagged a marine contract worth approximately Rs 1,082 crore for constructing a third berth and additional works at the Dahej LNG terminal in Gujarat.
Shares of ITD Cementation closed 1.03% lower at Rs 574 per share, as compared to a 0.67% advance in the BSE Sensex.
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