 "Adani Infra to acquire 30% stake in PSP Projects for Rs 685 crore")
India's Adani Infra will purchase a 30.07 per cent stake in construction firm PSP Projects for Rs 685 crore ($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 Rs 6,546 crore as of Sept. 30.
The deal values PSP Projects at Rs 575 per share, a 15 per cent discount to its closing price on Tuesday.
PSP Projects' shares ended 4.4 per cent higher on Tuesday, but had risen as much as 14 per cent earlier in the session, after local news channel CNBC-TV18 reported the deal.
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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 per cent of another's shareholding.
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