Adani Infra to buy 30% stake in PSP Projects for $81 million

India's Adani Infra will purchase a 30.07% stake in construction firm PSP Projects for 6.85 billion rupees ($81.2 million), the latter said on Tuesday.

Adani Infra, owned by a unit of Indian billionaire Gautam Adani's flagship Adani Enterprises, will purchase the shares from Prahladbhai S Patel, who leads PSP Projects and is its top shareholder.

The Adani Group, whose assets span from ports to power, has been strengthening its footprint in multiple sectors, including a recent $10 billion investment in energy security and infrastructure in the United States.


PSP Projects, which has industrial, institutional, residential and luxury projects like the Surat Diamond Bourse, had an order book of 65.46 billion rupees as of Sept. 30.

The deal values PSP Projects at 575 rupees per share, a 15% discount to its closing price on Tuesday.

PSP Projects' shares ended 4.4% higher on Tuesday, but had risen as much as 14% earlier in the session, after local news channel CNBC-TV18 reported the deal.

Adani Infra will launch a so-called "open offer" for purchasing a further stake in PSP Projects, as is mandated in India when a company buys more than 25% of another's shareholding.