New Delhi: Shares of Gujarat-based construction company PSP Projects today rallied 12% on November 19, 2024, following reports that the Adani Group is in talks to buy a majority stake in the company. Shares of PSP Projects Ltd today rallied 5.24% to close at ₹ 677.50. During the day, the stock touched a high of ₹ 734.95 and a low of ₹ 647.65.

Following this news, PSP Projects shares rose to a level of ₹716.85, which shows a gain of 11.36% in the last one hour. However, the company's stock has declined by about 8% in the last one year. The market cap of PSP Projects is ₹2,680 crore and its P/E ratio is 27.83. The 52-week high of PSP Projects has been ₹803.80 and the lowest ₹565.40

Big step by Adani Group

According to sources, the Adani Group is planning to buy about 60.14% stake in PSP Projects. If the deal is finalized, the group may also have to make an open offer to buy an additional 26% stake from minority shareholders, as required under the rules.

This potential acquisition is part of the Adani Group's aggressive expansion strategy. According to reports, the Adani Group is planning to invest $5-7 billion by the end of this financial year, which includes expanding its presence in sectors such as cement, airports, defense, ports, power, and consumer goods.
 

Adani Group deals

Adani Group recently bought a 46.64% stake in ITD Cementation for Rs 3,204 crore. Apart from this, the group acquired CK Birla Group's company Orient Cement for Rs 8,100 crore. This strategy of Adani Group shows that it is ready to continuously expand its business in the construction and infrastructure sectors. PSP Projects is a leading name in the field of construction and engineering projects and buying it can further strengthen the construction portfolio for Adani Group.