Adani Group-backed Cemindia Projects Ltd. is preparing to launch a massive Qualified Institutional Placement (QIP) to raise up to ₹50 billion ($524 million). The engineering and construction firm, formerly known as ITD Cementation India Ltd, has appointed ICICI Securities Ltd. and SBI Capital Markets Ltd. to manage the deal. Key Takeaways Fundraising Objective: The ₹5,000 crore capital raise follows initial board approval granted on July 23. It aims to bolster capital reserves for major civil and infrastructure engineering projects across India. Institutional Interest: Promoters have already held preliminary meetings with potential institutional investors, with market observers indicating the issue could launch within days. Adani Connection: Adani Group acquired controlling interest in the entity through its unit Renew Exim DMCC, currently maintaining a 67.46% majority stake post-open offer.

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