PSP Projects has entered into a Share Purchase agreement to acquire 13,00,000 (26%) equity shares of PSP Projects & Proactive Constructions (PPCL) at a negligible amount of consideration of Rs 1,30,000, thereby making it a wholly-owned subsidiary (not material) of the company. Prior to this acquisition of shares, PSP was holding 74% of the equity shares of PPCL.
The objective of purchase is to further consolidate shareholding of the company in PPCL. The additional purchase would result an increase in company’s shareholding in PPCL to 100%.
PSP Projects, the Ahmedabad-based firm is a multi-disciplinary construction firm and provides its services ranging from planning and design to construction and post-construction activities.
