Stock Market Today: PSP Projects share price dipped more than 9% in morning trade on Thursday, November 21, amid a sharp decline in Adani Group shares following allegations of bribery changes in the US. PSP Projects shares declined after Adani Infra (India) Limited, a part of the Adani Group, recently acquired a 30.07% stake in the company.
PSP Projects share price opened at ₹648.90 on the BSE on Thursday, around 3.4% lower than the previous close of ₹671.75. The stock extended the decline to intraday lows of ₹609.05, down 9%.
The PSP Projects share price during the last few days has remained in focus as Adani Infra (India) Limited signed definitive agreements to acquire up to 30.07% stake in the company from founder promoter Prahladbhai S. Patel.
As per a release by PSP Projects, dated November 19, 2024, Adani portfolio of companies is looking to invest $100 billion as capex over the next decade.
Adani Infra (India) Limited is the PMC arm of Adani Portfolio, which is owned 100% by the Adani Family. Adani Portfolio of Companies is engaged in infrastructure development in ports, roads, airports, water, data centres, power projects, renewable energy, green hydrogen, cement, transmission and distribution.
The partnership as per the release will aim to propel PSP Projects into becoming one of the leading EPC companies in India, on the back of accelerated growth in India’s infrastructure development.
PSP Projects' order book currently stands at ₹6,546 crore.
PSP Projects will continue to be led by the existing Chairman, MD & CEO - Prahladbhai Patel. Adani Infra will get equal rights and representation on the board. The transaction, however, remains subject to customary approvals and regulatory approvals including completion of the open offer in compliance with SEBI Takeover Regulations.
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