Dubai-based Renew Exim, a unit of Adani Group, is acquiring an additional 20.8% stake in Indian engineering and construction firm ITD Cementation, bringing its total ownership to 67.5%, according to a press release. The acquisition was financed by a USD 750 mn through offshore private placement bond raised by several investors, including BlackRock, sources familiar with the matter told Bloomberg.

What we know: BlackRock subscribed to around USD 250 mn of Adani’s bond, though the other investors were not disclosed. The bonds have tenors between three and five years.

Background: The Dubai-based unit had agreed to acquire ITD Cementation from Thailand’s largest contractor, Italian-Thai Development, for USD 381 mn. Renew Exim was said to pay INR 400 a piece for the stake — a 25% discount to ITD Cementation’s last closing price before the announcement of the offer.

REMEMBER- Adani is in advanced talks for another major acquisition, with the firm finalizing negotiations to take over Emaar India. This transaction could involve an unlisted Adani unit investing around USD 400 mn in equity. Previous reports indicated that Adani Realty may acquire a 70-100% stake in Emaar, valued between AED 1.7-2.1 bn, likely through Adani Realty.

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