ICICI Securities Limited ("Manager to the Offer") has submitted to BSE a copy of Letter of Offer to the Public Shareholders of PSP Projects Ltd ("Target Company").
PSPPROJECT · price
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Adani Infra (India) Limited is making an open offer to acquire up to 1,03,06,866 equity shares (26% of voting share capital) of PSP Projects Ltd from public shareholders at a price of INR 642.06 per share, with a maximum total consideration of around INR 661.76 crore. This follows a Share Purchase Agreement dated November 19, 2024, under which promoter Mr. Prahaladbhai S. Patel is selling up to 30.07% stake at INR 575 per share to Adani Infra. The Competition Commission of India approved the deal on March 4, 2025, and the open offer window runs from May 22, 2025 to June 4, 2025. The Letter of Offer was dispatched to public shareholders on May 15, 2025, with ICICI Securities managing the offer.
PSP Projects is set to come under the Adani Group umbrella, which could bring strategic backing and resources to the company. Shareholders can tender shares at INR 642.06 during the offer window, which typically provides a reference price floor for the stock.