ICICI Securities Limited has recently updated the market regarding the open offer for ITD Cementation India Limited (Target Company) which is being made by Renew Exim DMCC (Acquirer) in compliance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI (SAST) Regulations). The purpose of the open offer is to acquire up to 4,46,64,772 fully paid-up equity shares of ITD Cementation, each with a face value of INR 1.

As of April 4, 2025, 59,83,233 equity shares, representing 13.40% of the total open offer size, have been tendered by public shareholders into the Escrow Demat Account opened with Ventura Securities Limited. This account, identified under Depository Participant Identification Number IN303116 and client identification 15245978, holds the shares tendered for the open offer. The Escrow Demat Account is referred to as “LIIPL ITD CEMENTATION INDIA OPEN OFFER ESCROW” and the transaction is under the oversight of Ventura Securities Limited.

It is important to note that the number of shares tendered in the Escrow Demat Account as per the statement received by the Manager to the Open Offer reflects the shares in dematerialized form tendered by the public shareholders. However, it is clarified that the shares tendered will be subject to validation and verification of submission of complete documents, which are required for the acceptance of shares in the open offer.

The tendered shares will be accepted in accordance with the provisions of the SEBI (SAST) Regulations, as well as the Letter of Offer dated March 18, 2025. It's important to note that the final number of shares accepted by the acquirer in the open offer may differ from the number of shares tendered by the public shareholders. This is due to the validation process outlined by SEBI and the guidelines mentioned in the Letter of Offer.

ICICI Securities Limited, in its communication, emphasized that the tendering process must comply with the conditions mentioned in the Letter of Offer, and the acceptance of the equity shares will only be valid after all the necessary documentation has been thoroughly verified. Public shareholders are encouraged to adhere to the instructions provided in the Letter of Offer to ensure their shares are validly tendered and accepted in the open offer.

The above update comes in the wake of the ongoing acquisition of ITD Cementation by Renew Exim DMCC, which is moving forward under the provisions of the SEBI (SAST) Regulations. The offer remains open for tendering equity shares, and public shareholders are invited to participate in the process until the closing date of the offer.

ICICI Securities has requested that this important update be disseminated on the respective websites of BSE and NSE to keep all stakeholders informed. The company assures that the entire process will be conducted in strict accordance with the SEBI takeover regulations and all applicable rules.

As the open offer progresses, stakeholders and investors are advised to closely monitor the situation and refer to the Letter of Offer for detailed instructions regarding the acceptance process. This open offer provides an opportunity for ITD Cementation shareholders to participate in a major corporate development, which could shape the future of the company and its market position.

In conclusion, ICICI Securities has made a significant update regarding the open offer for ITD Cementation India Limited, with over 59 lakh shares tendered to date. The process is in line with the regulatory framework set out by SEBI, and public shareholders should ensure compliance with the prescribed tendering procedures to ensure their shares are accepted in the offer. Further updates will be provided as the open offer moves forward.

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