PSP Projects in the filing said Prahaladbhai S Patel “entered into a share purchase agreement dated November 19, 2024 (SPA) with the Acquirer (Adani Infra) to record the terms and conditions on which the Seller has agreed to sell, and the Acquirer has agreed to acquire up to 1,19,19,353 equity shares of the company representing up to 30.07% of the paid-up equity share capital of the company.”
Existing promoters hold a 60.14% interest in PSP Projects. Prabhladbhai S Patel holds 47.76% shares, of which he is selling 30.07%. Upon completion of the transaction, the board of the company will be reconstituted to include the directors nominated by Adani Infra.
As per the SHA, the existing promoter group and Adani Infra will have the right to nominate two directors each on the company board so long as they hold at least 20% each of the equity share capital of the company.
PSP Projects currently has a market capitalisation of ₹2,800 crore. CNBC-TV18 reached out to both the Adani Group and PSP Projects for a comment. While the Adani Group has declined to offer a comment, PSP Projects is yet to respond.
In response to the news, shares of PSP Projects surged as much as 12.5%, the most in a single day since January 2022 to ₹724.9. Shares of PSP Projects have been underperformers so far in 2024, still trading in the negative on a year-to-date basis.
(Edited by : Hormaz Fatakia)
First Published: Nov 19, 2024 1:10 PM IST
