Adani Infrastructure acquires 34.41% stake in PSP Projects, joins as promoter with joint control
Published on 05/08/2025 11:14 PM
Adani Infrastructure acquires 34.41% stake in PSP Projects, joins as promoter with joint controlAs part of the mandatory open offer, Adani Infrastructure acquired 44,86,193 equity shares (11.32% of PSP Projects’ paid-up capital) from public shareholders. Additionally, it purchased 91,53,779 shares (23.09%) from Patel as per the SPA. Shares of PSP Projects Ltd ended at ₹701.20, up by ₹59.60, or 9.29%, on the BSE.By Jomy Jos Pullokaran August 5, 2025, 11:14:54 PM IST (Published)2 Min ReadAdani Infrastructure (India) Limited on Tuesday (August 5) has officially become a joint promoter of construction firm PSP Projects Limited after acquiring a 34.41% stake in the company through a combination of share purchase agreement (SPA) and an open offer. The acquisition was completed in two tranches on August 4 and 5, 2025.
The development follows PSP Projects' earlier disclosure dated November 19, 2024, regarding the SPA between company promoter Prahaladbhai S Patel and Adani Infrastructure for the acquisition of up to 30.07% of PSP Projects' equity share capital. The agreement was supplemented by a shareholders' agreement (SHA) involving the seller, Adani Infra, the company, and other existing promoters.
As part of the mandatory open offer, Adani Infrastructure acquired 44,86,193 equity shares (11.32% of PSP Projects’ paid-up capital) from public shareholders. Additionally, it purchased 91,53,779 shares (23.09%) from Patel as per the SPA. With these transactions, Adani Infrastructure now holds a total of 1,36,39,972 shares, representing 34.41% of PSP Projects’ paid-up equity capital.
Also Read: PSP Projects wins construction orders worth ₹1,764 crore in Ahmedabad
Effective August 5, 2025, the SHA has come into full force, and Adani Infrastructure has been classified as a promoter along with Patel and other existing promoter entities. The acquirer now shares joint control of PSP Projects in accordance with applicable regulations.
The board of directors of PSP Projects, in its meeting held on August 5, has taken on record the completion of the share acquisitions and the reclassification of Adani Infrastructure as a promoter with joint control of the company.
In November 2024, Gautam Adani's Adani Infrastructure said it will buy a 30.07% stake in PSP Projects for ₹685.36 crore as it looks to consolidate its construction capabilities. Existing promoters hold a 60.14% interest in PSP Projects. Prabhladbhai S Patel holds 47.76% shares, of which he is selling 30.07%.
Also Read: PSP Projects shares fall 9% after Adani Infra acquisition, open offer
Shares of PSP Projects Ltd ended at ₹701.20, up by ₹59.60, or 9.29%, on the BSE.Continue ReadingCheck out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!Tagsadani groupPSP Projectsshare market today