Disclosure under Regulation 30 read with PART A of Shedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ....
Awaiting price reaction for this filing.
Punj Lloyd (currently in liquidation under the Insolvency and Bankruptcy Code) has disclosed the implementation steps for its acquisition by Adani Infra (India) Limited (AIIL), following NCLT approval on February 12, 2026. As per the acquisition plan, the Defence Unit will be transferred to Adani Defence Systems and Technologies Ltd, shares of Air Works India (held by Punj Lloyd Aviation) will be sold to ADSTL, and stakes in various subsidiaries/JVs will be sold to the Diversified India Growth Fund managed by Dickey Asset Management. Critically, the existing share capital of PLL (including shares from balance debt conversion) will be cancelled for NIL consideration, and new equity representing 95% of the paid-up capital will be issued to AIIL and its nominees, with the balance going to Dincum Growth Fund Mauritius in the public shareholder category. The company will continue to remain listed on the exchanges, and the EPC business (including arbitration awards) will be demerged from PLL into AIIL via a separate scheme of arrangement.
This is effectively a wipeout for existing shareholders — their shares are being cancelled for zero consideration, meaning retail holders get nothing for their current holdings. Adani Infra takes 95% control, the listing is preserved, and the company gets a fresh capital structure. The stock price is likely to face significant downward pressure given the cancellation of existing equity at nil value, but the future listing could attract fresh investor interest in the Adani-controlled entity.