PSP Projects Limited has informed the Exchange about Copy of Newspaper Publication-Recommendations of the Committee of Independent Directors under Regulation 26(7) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
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PSP Projects Limited has published the recommendations of its Independent Directors Committee (IDC) in newspapers as required under SEBI's Takeover Regulations. The recommendations relate to the open offer made by Adani Infra (India) Limited to acquire up to 1,03,06,866 equity shares (26% of the voting share capital) of PSP Projects. The face value of each share is INR 10. The recommendations were published on May 17, 2025, in Financial Express (English and Gujarati), Jansatta (Hindi), and Navshakti (Marathi). This is a procedural compliance step in the open offer process triggered by the Adani group's acquisition bid for PSP Projects.
This is a regulatory disclosure and does not change the fundamentals of the open offer. Shareholders should review the IDC's reasoning in the published recommendation to understand whether the independent directors believe the offer price is fair, as this can influence their decision to tender shares in the open offer.