Adani Infrastructure has informed the stock exchange in a filing that it has purchased a 34.4 per cent stake in Ahmedabad-based construction company PSP Projects.
PSP Projects is involved in the construction of residential, commercial, and government buildings. One recent high-profile project executed by PSP Projects is the construction of the Surat Diamond Bourse, which is the world’s biggest office complex.
According to the stock exchange filing, Adani Infrastructure purchased a 23.09 per cent stake in PSP Projects from the promoter group, while an additional 11.2 per cent stake was bought from public shareholders through an open offer.
Adani Infra completed the share purchase in the PSP group on August 5, while the initial agreement between the company and PSP Project’s promoters was signed in November 2024.
The development follows an earlier disclosure by PSP Projects on November 19, 2024, regarding a share purchase agreement (SPA) signed between the company’s promoter, Prahaladbhai S Patel, and Adani Infrastructure for the acquisition of up to 30.07 per cent of the equity share capital of PSP Projects.
Later, the share purchase agreement was supplemented by a shareholders’ agreement (SHA) involving the seller, Adani Infrastructure, and the company, as well as other existing promoters.
Now that the deal has concluded, Adani Infra has acquired joint control of PSP Projects along with the existing promoters, Prahaladbhai S Patel, as well as the PSP Family Trust.
Adani Infrastructure has also received one seat on the board of directors of PSP Projects after it became the company’s promoter and stakeholder.
Accordingly, Kattunga Srinivasa Rao, who represents Adani Infrastructure, has been appointed as an additional non-executive, non-independent director on the board of PSP Projects.