Adani’s Cemindia unit appoints bankers for Rs 5,000-Cr QIP

Adani Group-backed Cemindia Projects has appointed ICICI Securities and SBI Capital Markets to manage a share sale to institutional investors. The company plans to raise up to INR 5,000 crore (USD 524 million) through a qualified institutional placement.Cemindia Projects, formerly known as ITD Cementation India, is a company focused on heavy civil, infrastructure, and engineering, procurement, and construction projects. In 2024, the Adani Group acquired control of the firm via its unit, Renew Exim DMCC, and subsequently increased its stake to 67.46% through an open offer.