Adani-backed Cemindia Projects may raise up to Rs 5,000 crore through QIP: Report
According to the report, the company has appointed ICICI Securities Ltd and SBI Capital Markets Ltd to work on the proposed share sale.
- Aug 26, 2026,
- Updated Aug 26, 2026 4:36 PM IST
Adani Group-backed Cemindia Projects Ltd, formerly known as ITD Cementation India Ltd, is considering raising up to Rs 5,000 crore through a qualified institutional placement (QIP), Bloomberg reported, citing people familiar with the matter.
According to the report, the company has appointed ICICI Securities Ltd and SBI Capital Markets Ltd to work on the proposed share sale. Cemindia Projects has also been meeting institutional investors and could launch the offering in the coming days, the report added.
The discussions are ongoing, and the timing and size of the issue could change, Bloomberg reported. Representatives of Cemindia Projects and the two banks did not immediately respond to requests for comment, according to the report.
Cemindia Projects' board had approved on July 23 a proposal to raise up to Rs 5,000 crore through the issuance of equity shares by way of a QIP.
The potential fundraise comes amid strong activity in India's equity capital markets, with institutional placements and block deals driving a surge in fundraising despite subdued equity-market performance.
Adani Group acquired control of Cemindia Projects through its unit Renew Exim DMCC in 2024 and subsequently increased its holding through an open offer. The group held a 67.46 per cent stake following the transaction.
Cemindia Projects is engaged in heavy civil, infrastructure and engineering, procurement and construction (EPC) projects in India, according to its website.
Meanwhile, shares of Cemindia Projects rose 0.79 per cent to settle at Rs 1,289.60 on Wednesday.
Adani Group-backed Cemindia Projects Ltd, formerly known as ITD Cementation India Ltd, is considering raising up to Rs 5,000 crore through a qualified institutional placement (QIP), Bloomberg reported, citing people familiar with the matter.
According to the report, the company has appointed ICICI Securities Ltd and SBI Capital Markets Ltd to work on the proposed share sale. Cemindia Projects has also been meeting institutional investors and could launch the offering in the coming days, the report added.
The discussions are ongoing, and the timing and size of the issue could change, Bloomberg reported. Representatives of Cemindia Projects and the two banks did not immediately respond to requests for comment, according to the report.
Cemindia Projects' board had approved on July 23 a proposal to raise up to Rs 5,000 crore through the issuance of equity shares by way of a QIP.
The potential fundraise comes amid strong activity in India's equity capital markets, with institutional placements and block deals driving a surge in fundraising despite subdued equity-market performance.
Adani Group acquired control of Cemindia Projects through its unit Renew Exim DMCC in 2024 and subsequently increased its holding through an open offer. The group held a 67.46 per cent stake following the transaction.
Cemindia Projects is engaged in heavy civil, infrastructure and engineering, procurement and construction (EPC) projects in India, according to its website.
Meanwhile, shares of Cemindia Projects rose 0.79 per cent to settle at Rs 1,289.60 on Wednesday.