Punj Lloyd Limited has informed the Exchange about Corporate Insolvency Resolution Process : In furtherance to our intimation dated February 13, 2026, we wish to inform you that the Company has entered into a share purchase agreement dated March 31, 2026 with Diversified India Growth Fund for sale of 84.6% of the sahreholdign in Punj Lloyd Aviation Ltd. (detailed intmation letter attched)
Awaiting price reaction for this filing.
Punj Lloyd Limited has signed a Share Purchase Agreement (SPA) dated March 31, 2026 with Diversified India Growth Fund to sell its entire 84.6% stake in Punj Lloyd Aviation Limited. The consideration is a nominal INR 0.0019 per share, reflecting the distressed nature of the sale. The buyer is a Category II Alternative Investment Fund managed by Dickey Asset Management, and the transaction is not a related-party deal. The subsidiary, Punj Lloyd Aviation, generated no revenue in FY2024-25. This sale is being executed in the context of the ongoing Corporate Insolvency Resolution Process (CIRP) the company is undergoing, as referenced in the earlier intimation dated February 13, 2026.
This is effectively a cleanup divestment of a non-revenue-generating subsidiary at a token price, consistent with the company's ongoing insolvency resolution process. Shareholders are unlikely to see any material financial benefit from the sale, but it may represent a step towards restructuring and eventual resolution of the company.