Subject: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Details of Litigation
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform that the company has filed Writ Petition (Civil) bearing diary No. E-4580239/2024, in the Hon’ble High Court of Delhi against Superintendent Engineer, Bareily and Others. The details as required under SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 are as given below:
- brief details of litigation viz. name(s) of the opposing party, court/ tribunal/agency where litigation is filed, brief details of dispute/litigation;
The Company has filed Writ Petition (Civil) bearing diary No. E-4580239/2024, in the Hon’ble High Court of Delhi against the Respondent namely Superintendent Engineer, Bareily and Others concerning Project “Construction of Residential Building of PAC Mahila Batallion, Badaun, Uttar Pradesh”. The petition is filed under Article 226 of the Constitution of India, seeking the issuance of a Writ of Mandamus or Certiorari to quash and set aside the termination order dated March 27, 2024 and impugned communication dated 10.10.2024 issued by the Respondent arbitrarily. The Company contends that the termination was executed arbitrarily, without due consideration of the reply and explanation provided by the Company, and without affording an opportunity for a personal hearing, thereby contravening the principles of natural justice and the mandate of Article 14 of the Constitution of India. - expected financial implications, if any, due to compensation, penalty etc.
At this juncture, the financial impact remains unquantifiable; therefore, it is deemed inapplicable. - quantum of claims, if any;
Not Applicable
Adani group in advance stage for acqire psp projects company… will se if deal possible then promoter mr ps patel stand after sold it…
Nothing from the respective companies yet. Please mention rumors as rumors instead of declaring as facts.
Edit: Its Official, Adani Infra set to acquire stake through Open Offer to Promoter. Office Price @642
The deal values PSP Projects at Rs 575 per share, 15% lower than its closing price on Tuesday.
Why they had to do it at discount? This is near to the lowest price of the last 52 weeks. Some side deal 
?
Disclosure: Invested
My thoughts exactly. How is that the promoter has no confidence in his own company. It seems he has greater confidence in Adani. That is why he is still holding 30% and selling the remaining 30% to Adani. He might hope to cash in at a higher price two years from now, if Adani can turn this company around and get big contracts.
Disclosure: Invested from lower levels
Listened to the company’s conference call following the Adani acquisition. Key points discussed about the acquisition are as follows:
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The promoters are selling their stake at ₹575 per share, whereas the QIP was conducted at over ₹650 per share.
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The rationale behind the stake sale is leveraging the Adani Group’s expertise and unlocking opportunities in various projects such as airports, Dharavi redevelopment, data centers, etc. (Additionally, the Adani Group is aiming to build its EPC companies for its projects).
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The company is projecting EBITDA margins of 10% or higher.
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Out of the current order book of ₹6,000+ crore, only ₹500 crore pertains to the Adani Group.
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There is an agreement between the Adani Group and the promoters ensuring 50:50 ownership, even after the open offer.
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The promoters are obligated to remain with the company for at least five years and cannot exit during this period.
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The promoters expect better utilization of the precast facility, which is likely to be margin-accretive and significantly reduce the construction cycle.
Disclaimer: I invested during today’s dip caused by the Adani-US issue. I’ve been following this company for over three years.
Doesn’t it show that the promoters are not able to grow the company independently.
If they are selling stake to adani just to get some deals from them it seems like a bad move IMO.
We are talking about 30% stake sale.
Yes, @CHAC3MEN, it’s an open secret, and this has been evident in its performance over the last 2-3 years. One thing I am confident about is the quality of its construction. As a civil engineer (from Adani Institute 
), I have seen and heard about the way the company operates. The construction quality is comparable to L&T. In fact, the promoter has publicly mentioned in many of his interviews that the company aspires to deliver L&T-level quality.
I exited my holdings for PSP yesterday.
Thesis for entering the stock (some 6 months ago) :
PSP came across as a company hungry for growth, with a solid track record of timely execution and a negative cash conversion cycle. With the growth happening in Gujrat and UP, the company appeared to be a beneficiary of urbanization theme.
Reasons for exiting just days ago:
- Primarily I saw a number of issues related to failures in either execution or challenges from the clients who delayed payments / cancelled projects etc.
- The order book growth seems have slowed down. While company gave a guidance of 3500 incremental order book at the beginning of the FY 25, the realized order book is only 1400 crores by the end of first half.
- Uncertainity with respect to case with Adani (the major factor) and the deal itself. It seems that the company is probably in trouble and is constantly seek funding.
- Finally, there are other good buys in the EPC space which are somewhat better with respect to order book growth and the business uncertainties.
Disc : My own view. Not a recommendation to sell or buy.
