ICICI Securities Limited has submitted to the Exchange a copy of Letter of Offer
PSPPROJECT · price
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Adani Infra (India) Limited has launched a mandatory open offer to acquire up to 1,03,06,866 equity shares (26% of voting share capital) of PSP Projects Limited at INR 642.06 per share, implying a total deal value of up to INR 661.76 crore. This offer follows a Share Purchase Agreement dated November 19, 2024, under which promoter Prahaladbhai S. Patel will sell up to 1,19,19,353 shares (30.07%) to Adani Infra at INR 575 per share. The CCI approval was received on March 4, 2025, and SEBI observations on the draft letter of offer were received on April 30, 2025. The tendering period is scheduled from May 22, 2025 to June 4, 2025, with payment to shareholders expected by June 18, 2025. ICICI Securities is managing the offer and MUFG Intime is the registrar.
This marks the entry of the Adani Group into PSP Projects, signaling a potential change in control and strategic direction. Public shareholders have a cash exit opportunity at a stated price; however, acceptance is on a proportionate basis if oversubscribed. Shareholders should evaluate the offer price against prevailing market price and consider tax implications before tendering.