Adani Infra Acquires Major Stake in PSP Projects

Adani Infra is set to acquire a 30.07% stake in PSP Projects for Rs 685.36 crore, consolidating its construction capabilities. The acquisition involves a share purchase agreement with PSP's Prahladbhai S Patel. Post-acquisition, an open offer for an additional 26% stake will follow, leading to joint control.

Adani Infra, a part of the renowned Adani Enterprises, has announced its plan to acquire a 30.07 percent stake in PSP Projects for Rs 685.36 crore. This strategic move is aimed at consolidating the group's construction capabilities.

The transaction involves purchasing shares from Prahladbhai S Patel, the largest shareholder of PSP Projects. In compliance with regulatory requirements, Adani Infra will also initiate an open offer for an additional 26 percent stake, potentially making it the leading shareholder.

Upon conclusion of the deal, Adani Infra will share joint control with existing promoters and nominate directors to the company's board. The agreement also includes clauses such as a five-year restriction on share disposal post-transaction.

(With inputs from agencies.)