This comes after Adani Infrastructure bought 30.07% stake in PSP Projects for ₹685.36 crore. Adani Infrastructure will buy the shares from Prahladbhai S Patel, who leads PSP Projects and is its top shareholder, the construction firm said in a stock exchange filing.
PSP Projects in the filing said Prahaladbhai S Patel “entered into a share purchase agreement dated November 19, 2024 (SPA) with the Acquirer (Adani Infra) to record the terms and conditions on which the Seller has agreed to sell, and the Acquirer has agreed to acquire up to 1,19,19,353 equity shares of the company representing up to 30.07% of the paid-up equity share capital of the company.”
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Existing promoters hold a 60.14% interest in PSP Projects. Prabhladbhai S Patel holds 47.76% shares, of which he is selling 30.07%. PSP Projects, which has industrial, institutional, residential and luxury projects like the Surat Diamond Bourse, had an order book of Rs 6546 crore as of September 30.
Its shares closed 4.4 per cent higher at Rs 671.75 on the BSE on Tuesday. The deal values PSP Projects at Rs 575 per share, a 15 per cent discount to Tuesday’s closing price.
PSP Projects said its board in a meeting on Tuesday “approved the proposed execution of a shareholders agreement (SHA) between the acquirer (Adani Infra), the company (PSP) and the current promoters and promoter group of the company consisting of Prahaladbhai S. Patel, Pooja Patel, Sagar Prahaladbhai Patel, Shilpaben Prahaladbhai Patel, PSP Family Trust, PPP Family Trust and SSP Family Trust (existing promoter group), to govern inter-se the rights and obligations of acquirer and the existing promoter group with regard to the company.”
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First Published: Nov 19, 2024 9:48 PM IST
