Adani Infra to acquire 30% stake in PSP Projects for Rs 685 crore: Report

Adani Infra will buy a 30.07% stake in the construction company PSP Projects for Rs 6.85 billion (around $81.2 million), PSP Projects announced on Tuesday.

Adani Infra, part of billionaire Gautam Adani's Adani Enterprises, will buy shares in PSP Projects from its chairman and largest shareholder, Prahladbhai S Patel. The Adani Group, which operates in areas like ports and power, has been expanding across sectors, including a recent $10 billion investment in energy and infrastructure in the U.S.

PSP Projects, known for industrial, institutional, residential, and luxury developments like the Surat Diamond Bourse, reported an order book worth Rs 65.46 billion as of September 30. The deal values PSP Projects at Rs 575 per share, 15% lower than its closing price on Tuesday.

On the same day, PSP Projects' shares rose 4.4%, after initially jumping 14% following news of the deal reported by CNBC-TV18. Adani Infra will also initiate an "open offer" to acquire an additional stake in PSP Projects, as required under Indian regulations for transactions exceeding a 25% shareholding.

Published on: Nov 19, 2024, 8:13 PM IST