ICICI Securities Limited has submitted to the Exchange a copy of Letter of Offer

Listed-company acquisitionOpen offer triggeredStrategic Transactions View source PDF Explain this filing

PSPPROJECT · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

+4.0%Reaction day

₹641.60

prior close

₹652.95

announcement price

In-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used+0.8%+3.2% vs market

Civil Construction peers, median of 85sector+1.7%+2.2% vs sector

On the reaction day the stock moved 3.2 pts more than Nifty Microcap 250 and 2.2 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-0.1

10m

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15m

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30m

+0.0

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+4.0+0.8+3.2+1.7+2.2

Next day

+4.5+2.0+2.5+2.3+2.2

+3.2+0.9+2.3+1.1+2.1

+5.0+1.7+3.4+1.0+4.0

+2.7+1.6+1.2+0.8+2.0

+0.6+2.2-1.7+0.5+0.1

-0.7+2.7-3.4+2.1-2.8

15d

+0.3+4.5-4.3+2.7-2.4

+13.8+5.6+8.2+4.3+9.4

+29.6+9.0+20.6+3.7+25.9

+3.6+3.5+0.1-4.4+8.1

UpDownMarket · Nifty Microcap 250Sector · Civil Construction peers, median of 85Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

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.

Likely market impact

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.