Gaumat has done a lot of shopping in the current year. Now before the end of the year, he has set his sights on another company. He is now going to buy an infra company PSP Projects Limited. The company has also signed a deal worth Rs 685 crore to acquire 30 percent stake in this infra company. However, the option of open offer to increase its stake in Adani company is also kept open.
According to the information, this cash has been signed between the two companies. PSP Projects was involved in the construction of Surat Diamond Bourse, the world’s largest office campus, with a contract value of Rs 1,575 crore and a built-up area of 66 lakh square feet. As soon as the news of the deal broke, there was a good rise in the shares of PSP Projects.
The company informed the stock exchanges on Tuesday that the Adani Group company will make an open offer to buy additional 26 per cent stake from the remaining shareholders as per SEBI norms. This is the group’s 11th acquisition or investment in a non-group entity or asset in the current financial year. Other previous notable acquisitions include Orient Cement, Penna Cements and Essar Transco and ITD Cementation, all in various stages of completion.
Information given to stock market
The statement said that Adani Infra has agreed to acquire 1,19,19,353 equity shares of the company held by Prahladbhai Patel, one of the promoters of the company, under the share purchase agreement (SPA) signed on Tuesday. Following completion of the transaction and open offer, Adani Infra will acquire joint control of the PSP projects with Prahladbhai Patel, Pooja Patel, Sagar Patel, Shilpaben Patel, PSP Family Trust, PPP Family Trust and SSP Family Trust (existing promoters), And the promoters of the company will be classified as one.
This means that upon completion of the transaction, the board of PSP Projects will be reconstituted to include directors nominated by Adani Infra. The existing promoter group, PSP Projects, holds 60.14 per cent of the paid-up equity share capital of the company. The revenue previously reported by PSP Projects was Rs 578 crore and the income other than EBITDA in the second quarter of the financial year 2024-25 was Rs 39 crore.
How will Adani Group get help?
PSP Projects is a construction company that works on industrial, institutional, government, government residential and residential projects in India. Adani Group has not yet commented on this deal and its rationale. The group had in October said it would acquire a controlling stake in ITD Cementation, which brings EPC expertise to the group. The PSP projects can help strengthen construction capabilities for the group, which has a presence in realty and infrastructure. Shares of PSP Projects listed on Bombay Stock Exchange (BSE) closed at Rs 671.75 on Tuesday. The total market cap of the company is Rs 2,662.94 crore.
