Punj Lloyd Limited has informed the Exchange about Corporate Insolvency Resolution Process : In terms of Securities and Exchange Board of India (Lisitng Obligations & Disclosure Requirements) Regulations, 2015 (LODR) read with Schedule III of LODR and in furtherance of disclsoure letter(s) dated February 12, 2026 , February 13, 2026 & further vide our disclosure letter dated 28, 2026 informing the Exchange that the Corporate Debtor (CD) has (i) entered into a Business Transfer Agreement dated February 28, 2026 (BTA) for sale of Defence Unit of the CD to Adani Defence Systems and Technologies Ltd. (ADSTL) (ii) Punj Lloyd Aviation Limited (PLAL) (a subsidiary of CD) had entered into a Sale Purchase Agreement dated February 28, 2026 (SPA) for sale of Shares of Air Works India (Engineering)Pvt. Ltd. (Air Works) to ADSTL, the "closing date" as provided under the BTA & the SPA has occured today (i.e. 10.03.26). The Defence Unit of the CD stands transferred to ADSTL and the shares of Air Works hled by PLAL are being processed for transfer to ADSTL. (detailed discl. letter attached)
Awaiting price reaction for this filing.
Punj Lloyd Limited, currently in liquidation/Corporate Insolvency Resolution Process (CIRP), has completed the closing of two transactions with Adani Defence Systems and Technologies Limited (ADSTL). The Defence Unit of the company has been transferred to ADSTL under a Business Transfer Agreement dated February 28, 2026. Additionally, the shares of Air Works India (Engineering) Private Limited held by subsidiary Punj Lloyd Aviation Limited (PLAL) are being processed for transfer to ADSTL under a Share Purchase Agreement of the same date. The closing date for both deals occurred on March 10, 2026. This follows the NCLT order of February 12, 2026 approving Adani Infra (India) Limited as the Successful Bidder for acquiring the corporate debtor.
Existing shareholders are likely to see minimal to no recovery as the company is in liquidation and assets are being sold to Adani group entities to satisfy creditors. The stock remains in deep distress, and this announcement marks progress in asset divestiture rather than any benefit to equity holders.