PSP Projects shares dropped more than 9% after reports comfirmed that that Adani Infrastructure, a subsidiary of Adani Enterprises, will acquire a 30.07% stake in the company for ₹6.85 billion. The deal involves purchasing shares from the firm’s largest shareholder, Prahladbhai S Patel, Reuters reported.
The acquisition values PSP Projects at ₹575 per share, a 15% discount from its Tuesday closing price. PSP Projects specializes in industrial, institutional, residential, and luxury construction, including marquee projects like the Surat Diamond Bourse. As of September 30, 2023, the company reported an order book of ₹65.46 billion.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
