Arisinfra Solutions Limited has received 'No Objection' and 'No Adverse Observations' letters from the National Stock Exchange of India Limited and BSE Limited regarding its scheme of amalgamation with Arisunitern Re Solutions Private Limited. The National Stock Exchange of India Limited issued its letter on July 20, 2026, while BSE Limited issued its communication on July 17, 2026. The scheme involves the merger of Arisunitern Re Solutions Private Limited, the transferor company, with Arisinfra Solutions Limited, the transferee company, and their respective shareholders under Sections 230 to 232 of the Companies Act, 2013.

The exchanges have stipulated specific conditions for the company to comply with before proceeding. These include disclosing all details of ongoing adjudication, recovery proceedings, and enforcement actions against the company, its promoters, and directors before the National Company Law Tribunal (NCLT) and shareholders. The company must also ensure that all liabilities of the transferor company are transferred to the transferee company and that financials used in the scheme are not older than six months.

Regulatory Conditions and Disclosures

The observation letters outline extensive disclosure requirements for the explanatory statement sent to shareholders. The company must provide details regarding the rationale for the merger, synergies, cost-benefit analysis, and the impact on shareholders. Specific financial and operational data to be disclosed includes:

• Need for the merger, rationale, synergies, and cost-benefit analysis.
• Details of the Registered Valuer and Merchant Banker issuing the fairness opinion.
• Basis for the share swap ratio and pre and post-scheme shareholding.
• Capital built-up, Revenue, PAT, and EBITDA for the last three years.
• Value of assets and liabilities being transferred and the post-merger balance sheet.

The exchanges have also mandated that the proposed equity shares issued under the scheme must be in demat form only. Furthermore, the company is required to incorporate the observations of SEBI and the stock exchanges into the petition filed before the NCLT.

Validity and Next Steps

The validity of the observation letters is six months from the date of issuance. The National Stock Exchange of India Limited's letter is valid until January 20, 2027. The company must submit the scheme to the NCLT within this period. The exchanges have clarified that these letters do not constitute an approval of the financial soundness of the scheme or the correctness of statements made in the documents submitted.

The scheme will become effective only upon receipt of all requisite statutory, regulatory, and other approvals. This includes the approval of the Hon'ble National Company Law Tribunal, shareholders, and creditors. Arisinfra Solutions Limited has uploaded the observation letters on its website.

Arisinfra Solutions has secured a work order worth ₹79.05 crore from J. Kumar - NCC (GMLR) JV for the loading, transportation, and disposal of excavated material from the Goregaon-Mulund Link Road (GMLR) Twin Tunnel Project in Mumbai. The contract is effective from the date of issue and remains valid until the completion of the excavated material disposal arising out of the GMLR tunnelling activity, or until cancelled in accordance with the terms provided. The order strengthens the company's participation in India's infrastructure sector by leveraging its integrated execution capabilities.

The J. Kumar - NCC JV, a 50:50 joint venture between J. Kumar Infraprojects and NCC Limited, serves as the lead contractor for the project. Arisinfra will manage the end-to-end process, including deployment of loading equipment, transportation through a dedicated fleet, identification and management of approved dumping yards, and adherence to statutory and environmental compliances. The GMLR project features twin tunnels connecting Film City, Goregaon, to Khindipada, Mulund, aimed at improving east-west connectivity across the city.

Ronak Morbia, Chairman & Managing Director of Arisinfra Solutions Limited, stated that securing the work order reinforces the company's capabilities in supporting large-scale infrastructure projects through efficient project management and operational excellence. Bhavik Jayesh Khara, Whole Time Director & CFO, confirmed the development in a regulatory filing submitted to the exchanges.

Order Details

The key parameters of the awarded contract are outlined below:

The company stated that the order is a domestic transaction and does not involve any related party transactions or interests from the promoter group. The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.