Punj Lloyd Limited has informed the Exchange about Corporate Insolvency Resolution Process: 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 ("Listing Regulations") thereof being application allowed relating to acquisition plan in the Liqudation Process of Punj Lloyd Limited (the "Corporate Debtor"/Company/PLL) by the Hon''ble Company Law Tribunal, Principal Bench, New Delhi (the"NCLT). (detailed intimation letter as attached)
Awaiting price reaction for this filing.
Punj Lloyd Limited, currently in liquidation, has informed the stock exchanges about the implementation steps of the NCLT-approved acquisition plan, following the NCLT order dated February 12, 2026. Adani Infra (India) Limited (AIIL) is the successful bidder and will acquire 95% of the post-acquisition paid-up share capital of Punj Lloyd. The existing share capital of Punj Lloyd (including shares from converted debt) will be cancelled for NIL consideration. The Defence Unit and Air Works India shares will move to Adani Defence Systems and Technologies Limited, while certain subsidiaries/JVs/branches will be sold to the Diversified India Growth Fund. The company's EPC business will be demerged into AIIL via a separate scheme of arrangement. The company will remain listed on the stock exchanges, and new shares will be issued to AIIL and Dincum Growth Fund Mauritius (treated as public shareholders).
Existing shareholders of Punj Lloyd will see their shares fully cancelled with NIL payout, meaning a total loss of their investment. Going forward, the stock will reflect a new, Adani-controlled entity (95% AIIL, ~5% Dincum), and existing equity holders will not participate in the reconstructed company. For the stock, this confirms resolution/change of control but eliminates legacy shareholder value.