Adani Infra acquires 30.07% stake in PSP Projects for about $81.2 million, expanding in infrastructure.

Adani Infra, a subsidiary of the Adani Group, will acquire a 30.07% stake in the construction firm PSP Projects for Rs 6.85 billion (about $81.2 million). The deal, which values PSP Projects at Rs 575 per share (a 15% discount to its closing price on Tuesday), is part of Adani's strategy to expand in the infrastructure and real estate sectors. Adani Infra will purchase the shares from PSP Projects' chairman and top shareholder, Prahladbhai S Patel. Following the acquisition, Adani Infra will launch an "open offer" to acquire more stake as per Indian regulations. PSP Projects has an order book of Rs 65.46 billion as of September 30.

November 19, 2024
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