PSP Projects shares zoom nearly 15% on Adani buying majority stake buzz

Shares of Gujarat-based construction company PSP Projects soared 14.5% to an intraday high of Rs 452.45 on the BSE on Tuesday, following reports that the Adani Group is in talks to acquire a majority stake in the company.

The Adani Group is looking to acquire a 60.14% stake in PSP Projects from its promoters, which would likely trigger an open offer for an additional 26% stake held by public shareholders, in line with regulatory norms, according to a report by CNBC-TV18.

The reported interest in PSP Projects reflects the Adani Group's broader expansion strategy.


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The infrastructure conglomerate has earmarked $5-7 billion for strategic acquisitions through March 2025, targeting diverse sectors including cement, airports, defense, ports, power, and consumer goods, according to a previous report by Mint.

This potential acquisition would further expand Adani's growing portfolio of strategic assets across key infrastructure sectors.

Adani Group's recent major transactions include the Rs 3,204-crore purchase of a 46.64% stake in ITD Cementation India through its subsidiary, Renew Exim, and the Rs 8,100-crore acquisition of CK Birla Group's Orient Cement. Both deals involved mandatory open offers, allowing Adani to secure controlling stakes in the companies.

PSP Projects is a construction company, incorporated in August 2008, offering a diversified range of construction and allied services across industrial, institutional, government, government residential, and residential projects in India.

Shares of PSP Projects have declined by 8.35% over the past year and by 6.8% on a year-to-date basis. However, the stock has risen by 5.4% in the last three months and by 10.3% in the past month, according to BSE Analytics.

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