Other Private Equity/Strategic Investments
Adani Infra to buy 30% in construction co. PSP Projects for Rs.685-Cr
Adani Infra will purchase a 30.07% stake in Ahmedabad-headquartered construction firm PSP Projects for INR 685 crore (USD 81.2 million). Adani Infra, a unit of Adani Enterprises, will purchase the shares from Prahladbhai S Patel, who is the top shareholder of PSP Projects. The deal values PSP Projects at INR 575 per share.Adani Infra will launch an open offer for purchasing a further stake in PSP Projects, as is mandated when a company buys more than 25% of another's shareholding.PSP Projects has industrial, institutional, residential and luxury projects such as the Surat Diamond Bourse. It had an order book of INR 6,546 crore as of Sept. 30.
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