Adani Infra to acquire additional 26% stake in PSP Projects

21 Nov 2024 , 08:51 AM

On Tuesday (November 19), Adani Infrastructure, Gautam Adani’s flagship company, made an open bid to acquire an additional 26% stake (1 Crore shares) in construction firm PSP Projects at ₹642.06 per share.

Adani Infrastructure bought a 30.07% interest in PSP Projects for ₹685.36 Crore. Adani Infrastructure will buy the shares from Prahladbhai S Patel, PSP Projects’ CEO and largest shareholder, according to a stock exchange filing.

According to PSP Projects, Prahaladbhai S Patel signed a share purchase agreement (SPA) with the Acquirer (Adani Infra) on November 19, 2024, to record the terms and conditions under which the Seller has agreed to sell, and the Acquirer has agreed to acquire up to 1,19,19,353 equity shares of the company, representing up to 30.07% of the company’s paid-up equity share capital.

Existing promoters own a 60.14% stake in PSP Projects. Prabhladbhai S Patel owns 47.76% of the company’s stock and is selling 30.07%. PSP Projects, which encompasses industrial, institutional, residential, and luxury projects such as the Surat Diamond Bourse, had an order book worth ₹6,546 Crore as of September 30.

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