Adani Infra to acquire 30% stake in PSP Projects for Rs685 crore

Adani Infrastructure has entered into an agreement with PSP Projects, under which Adani will acquire 30.07 per cent equity stake in the diversified construction company for Rs685.36 crore.

Under the deal, Adani has made an open offer to purchase part of the shares held by one of the promoters, Prahadbhai Patel, in PSP Projects, at Rs642 per share, which is a 4 per cent discount to the stock’s current market price.

In a stock exchange filing, PSP Projects said Adani Infra has agreed to acquire about 1,19,19,353 shares, forming 30.07 per cent of the company’s total paid-up equity capital to Adani Infrastructure.

Prahladbhai S Patel is the largest shareholder among promoters, holding 47.76 per cent shares, of the total promoter holding of 60.14 per cent.

The promoters also entered into a shareholders’ agreement, giving Adani Infra the right to nominate two directors each on the company board so long as the company holds a minimum 20 per cent of PSP’s equity share capital.

PSP Projects Limited, with a market capitalisation of Rs2,800 crore, offers a diversified range of construction and allied services across industrial, institutional, government and residential projects.