PSP Projects adopts new articles reflecting shareholder agreement

PSP Projects Limited shareholders have approved the adoption of amended and restated Articles of Association (AOA) through a postal ballot on November 5, 2025. This decision incorporates terms from a share purchase agreement dated November 19, 2024, between Prahaladbhai S. Patel and Adani Infra (India) Limited, as well as a shareholders' agreement from the same date. The changes grant special rights to identified shareholders, subject to approval from the Registrar of Companies.

The amendments, effective from August 5, 2025, include board nomination rights based on shareholding percentages. The acquirer and existing promoters can each nominate two directors if they hold at least 20% of the share capital (fully diluted), or one director if they hold 10% or more but less than 20%. These rights will cease if their holdings fall below 10%. Similar nomination rights extend to board committees, and the acquirer also gains the right to nominate individuals for certain executive management positions.

Furthermore, if the acquirer and existing promoters each hold 10% or more of the share capital, they will have reserved matter rights, requiring their affirmative vote or prior consent for specific company actions. They will also receive information and inspection rights on certain specified matters, as outlined in the updated AOA, in compliance with Regulation 31B of the SEBI Listing Regulations.