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").

Listed Co 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

₹644.00

announcement price

After-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

+1.5

10m

+2.5

15m

+2.7

30m

+2.6

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 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.

Likely market impact

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.