Adani Infrastructure acquires 34.41% stake in PSP Projects, joins as promoter with joint control

Adani Infrastructure (India) Limited on Tuesday (August 5) has officially become a joint promoter of construction firm PSP Projects Limited after acquiring a 34.41% stake in the company through a combination of share purchase agreement (SPA) and an open offer. The acquisition was completed in two tranches on August 4 and 5, 2025.The development follows PSP Projects’ earlier disclosure dated November 19, 2024, regarding the SPA between company promoter Prahaladbhai S Patel and Adani Infrastructure for the acquisition of up to 30.07% of PSP Projects’ equity share capital. The agreement was supplemented by a shareholders’ agreement (SHA) involving the seller, Adani Infra, the company, and other existing promoters.

As part of the mandatory open offer, Adani Infrastructure acquired 44,86,193 equity shares (11.32% of PSP Projects’ paid-up capital) from public shareholders. Additionally, it purchased 91,53,779 shares (23.09%) from Patel as per the SPA. With these transactions, Adani Infrastructure now holds a total of 1,36,39,972 shares, representing 34.41% of PSP Projects’ paid-up equity capital.

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Effective August 5, 2025, the SHA has come into full force, and Adani Infrastructure has been classified as a promoter along with Patel and other existing promoter entities. The acquirer now shares joint control of PSP Projects in accordance with applicable regulations.The board of directors of PSP Projects, in its meeting held on August 5, has taken on record the completion of the share acquisitions and the reclassification of Adani Infrastructure as a promoter with joint control of the company.

In November 2024, Gautam Adani’s Adani Infrastructure said it will buy a 30.07% stake in PSP Projects for ₹685.36 crore as it looks to consolidate its construction capabilities. Existing promoters hold a 60.14% interest in PSP Projects. Prabhladbhai S Patel holds 47.76% shares, of which he is selling 30.07%.

Also Read: PSP Projects shares fall 9% after Adani Infra acquisition, open offer

Shares of PSP Projects Ltd ended at ₹701.20, up by ₹59.60, or 9.29%, on the BSE.