ICICI Securities Limited has Submitted to the Exchange a copy of pre-offer advertisement in accordance with Regulation 18(7) of the�Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and subsequent amendments thereto, and corrigendum to the detailed public statement with respect to the open offer, for the attention of the public shareholders of the company.
PSPPROJECT · price
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Adani Infra (India) Limited, part of the Adani group, has launched an open offer to acquire up to 1,03,06,866 equity shares (26% of voting capital) of PSP Projects Limited at INR 642.06 per share, totalling up to INR 661.76 crore in cash. This follows a Share Purchase Agreement (SPA) to buy up to 30.07% from existing promoter Prahaladbhai S. Patel and related entities at INR 575 per share, aggregating up to INR 685.36 crore. The tendering period runs from May 22, 2025 to June 4, 2025. Competition Commission of India approval was received on March 4, 2025. Post-completion, Adani Infra will be classified as a co-promoter with joint control alongside existing promoters, subject to a 5-year lock-in period. The Independent Directors Committee has deemed the offer price fair and reasonable.
PSP Projects shareholders can tender their shares at INR 642.06 during the open offer window (May 22 – June 4, 2025). The Adani acquisition signals a major change in ownership and control, potentially bringing corporate governance changes, business expansion, and long-term promoter stability, but also concentration of control with the Adani group.