Shares of PSP Projects dipped 9.4% to their day’s low of Rs 610.75 on the BSE as the company on Tuesday, after the market hours, announced that Adani Infra will be acquiring a 30.07% stake in the company.The stake will be purchased from the company’s existing shareholder Prahladbhai S. Patel.“Adani Infra (India) Limited, Adani Group’s PMC arm, has today signed definitive agreements to acquire up to 30.07% stake from PSP Project Limited’s existing promoter – Mr. Prahladbhai S. Patel,” the company informed via a filing to the exchanges.Presently, Prahladbhai S Patel and Family own a 60.14% stake in PSP Projects.Also Read: Adani shares crash up to 20% after Gautam Adani indicted in US on bribery, fraud chargesThe partnership 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. Adani Portfolio of Companies is looking to invest USD 100bn as capex over the course of next decade, the company said.However, PSP Projects will continue to be led by the existing Chairman, MD & CEO Prahladbhai Patel but as part of the transaction, Adani Infra will get equal rights and representation on the board.Also read: Adani scraps $600 million bond, other notes drop on US chargesCyril Amarchand Mangaldas acted as a legal advisor to the transaction and ICICI Securities will act as the merchant banker to the open offer.PSP Projects is one of the leading EPC companies in India with an order book of INR 6,546 Crore, and having executed marquee projects such as Surat Diamond Bourse, Kashi Vishwanath Dham, Palladium Mall (Ahmedabad), among others.The shares of PSP Projects closed 4.7% higher at Rs 671.75 on the BSE on Tuesday.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)