searchpath="/home/shailesh/project/debug/*.mk"
searchdir=$(dirname $searchpath)
searchspec=$(basename $searchpath)
for f in $(find $searchdir -type f -name $searchspec);
do
sed "s/$old_path/$project_path/g" "$f" > $TFILE && mv $TFILE "$f"
done
If it matches a very large number of files you may need to replace the for loop with a while read loop.
I don't think you need to combine the pattern of the file and the path because in the find command u need to use it separate. anyway if you want add the pattern in the end of the path you can do it like this.