PSP Projects on November 19 said Adani Group firm Adani Infrastructure will acquire 30.07% stake in it from one of its founders for Rs 685 crore.
Prahaladbhai S Patel, one of the promoters of PSP Projects, is the seller who entered into a share purchase agreement with Adani Infra (India) Limited by selling 1.19 crore equity shares of the company, representing up to 30.07% of the paid-up equity share capital of the PSP Projects.
On November 19, PSP Projects' shares on BSE closed 3.53% higher at Rs 666.6 apiece. The market capitalisation of the stock is Rs 2,666 crore.
"Upon completion of the transaction, the board of the company shall be reconstituted to include the directors nominated by the Acquirer (Adani Infra)," said PSP Projects.
This deal aligns with Adani Group's ambitious acquisition strategy. The conglomerate is reportedly planning investments worth $5-7 billion through the end of this financial year, focusing on expanding its presence in sectors such as cement, airports, defence, ports, power, and consumer goods, according to a recent Mint report.
Adani's acquisition spree has gathered pace following a period of slowdown triggered by allegations from US-based short-seller Hindenburg Research. While the group scaled back its acquisitions temporarily, recent deals signal a return to aggressive growth.
Notable transactions include a Rs 3,204-crore acquisition of a 46.64 percent stake in ITD Cementation India through its unit Renew Exim, and a Rs 8,100-crore takeover of CK Birla Group's Orient Cement. Both deals included mandatory open offers, with Adani gaining controlling stakes.
Earlier on November 19, CNBC-TV18, citing unnamed sources, reported that the Adani Group is looking to purchase a 60.14% stake in PSP Projects from its promoters.
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