Adani Infra, owned by a unit of Adani Enterprises, had in November 2024 said it would acquire 30.07% in PSP for Rs 685 cr i.e., an implied valuation of Rs 2,278 cr (Currently PSP has a mcap of Rs 2,550 cr).
- The stake will be acquired from the promopters, who currently own 60.14% in PSP.
- In compliance with the regulations, Adani will be making open offer to acquire further 26% from the public shareholders.
Hence, depending on the outcome of the public offer Adani may own significant to majority stake in PSP and hence the need for the CCI approval.
In its January 20 filing with the CCI, Adani Infra said: “The proposed transaction will not have any impact on the market dynamics of anymarket/segment in India, let alone cause an appreciable adverse effect on competition in any plausible relevant markets in India.”