Adani Infra (India) Limited, Adani Group's PMC arm, has today signed definitive agreements to acquire up to 30.07% stake from PSP Project Limited's existing promoter - Mr. Prahladbhai S. Patel. Presently, Mr Prahladbhai S Patel and Family own 60.14% stake in the Company.
PSP Projects Limited, listed on NSE and BSE, is one of the leading EPC companies in India with an order book of INR 6,546 Crore, and having executed marquee projects such as Surat Diamond Bourse, Kashi Vishwanath Dham, Palladium Mall (Ahmedabad), among others.
Adani Infra (India) Limited is the PMC arm of Adani Portfolio, which is owned 100% by the Adani Family. Adani Portfolio of Companies is engaged in infrastructure development in ports, roads, airports, water, datacentres, power projects, renewable energy, green hydrogen, cement, transmission and distribution.
The partnership will aim to propel PSP Projects into becoming one of the leading EPC companies in India, on the back of accelerated growth in India's infrastructure development. Adani Portfolio of Companies is looking to invest USD 100bn as capex over the course of next decade.
PSP Projects will continue to be led by existing Chairman, MD & CEO - Mr. Prahladbhai Patel, the visionary founder promoter of PSP. As part of the transaction, Adani Infra will get equal rights and representation on the board. The transaction remains subject to customary approvals and regulatory approvals including completion of the open offer in compliance with SEBI Takeover Regulations.
Cyril Amarchand Mangaldas acted as a legal advisor to the transaction and ICICI Securities will act as the merchant banker to the Open Offer.
Shares of PSP Projects Limited was last trading in BSE at Rs. 671.75 as compared to the previous close of Rs. 641.55. The total number of shares traded during the day was 80318 in over 5788 trades.
The stock hit an intraday high of Rs. 734.75 and intraday low of 647.95. The net turnover during the day was Rs. 56083698.00. |
