Adani Infra (India) Limited has signed definitive agreements to acquire up to 30.07% stake in PSP Projects Limited from its founder promoter Prahladbhai S. Patel, the company announced on November 19, 2024.
The shares of PSP Projects Limited were trading at ₹616.20 down by ₹55.80 or 8.30 per cent on the NSE today at noon.
The transaction will see Adani Infra obtaining equal board representation and joint control, while PSP Projects’ existing management will continue to lead the company.
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PSP Projects, a leading Engineering, Procurement, and Construction (EPC) company, currently has an order book of ₹6,546 Crore and has executed notable projects including the Surat Diamond Bourse and Kashi Vishwanath Dham.
The partnership aims to accelerate PSP Projects’ growth in India’s infrastructure development sector. Adani Portfolio, which owns Adani Infra, has ambitious plans to invest $100 billion in capital expenditure over the next decade across multiple infrastructure segments.
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The transaction is subject to customary and regulatory approvals, including completion of an open offer in compliance with SEBI Takeover Regulations. Cyril Amarchand Mangaldas served as legal advisor, with ICICI Securities acting as the merchant banker for the open offer.