ITD Cementation India Limited has informed the Exchange about change in Management
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On the reaction day the stock moved 0.6 pts less than Nifty Smallcap 250 and 0.9 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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ITD Cementation India Limited announced a major board overhaul on 20th June 2025 following the change in promoter. Italian Thai Development Public Company Limited has sold its entire stake to Renew Exim DMCC (Adani Group), triggering resignations of two Independent Directors — Mr. Sunil Shah Singh and Mrs. Jana Chatra — both citing the change in ownership and control. To fill the void, the company appointed two new Independent Directors: Mr. Manoj Kumar Kohli, a former CEO of Bharti Airtel and ex-Country Head of SoftBank India (for 3 years till June 2028), and Mrs. Sangeeta Bhatia, a 36-year veteran of NTPC's Finance and Accounts team with expertise in treasury and corporate governance (also for 3 years). Both appointments are subject to shareholder approval. The changes mark the formal entry of Adani Group influence into the boardroom of this construction and engineering company.
Shareholders should view this as a significant governance event tied to the Adani takeover. The exit of promoter-linked Independent Directors and arrival of high-profile independents like Manoj Kohli (telecom/tech) and Sangeeta Bhatia (power sector) suggests the new owner is shaping a fresh board aligned with its strategic direction. Short-term, the stock may see sentiment swings as the market digests the new ownership; long-term, the quality of incoming directors is a positive signal for governance.