AWL Agri Business Limited has received regulatory approval from both BSE and NSE for a significant corporate restructuring involving the reclassification of 218 Adani Group entities from promoter status to public category. The approval, granted on March 6, 2026, marks a major milestone in the company's ownership structure transformation.

Stock Exchange Approvals Received

The company announced that it has received no-objection letters from both stock exchanges pursuant to Regulation 31A of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The approval process began with the company's initial application submitted on November 27, 2025.

Comprehensive List of Reclassified Entities

The reclassification encompasses a diverse portfolio of companies spanning multiple business sectors and geographical locations. The entities being reclassified include major infrastructure companies, mining operations, renewable energy ventures, defence systems, and international subsidiaries.

Key Domestic Entities

Among the prominent domestic entities being reclassified are:

• Infrastructure and Airports: Adani Airport Holdings Limited, Mumbai International Airport Limited, Ahmedabad International Airport Limited, Bangalore Airport & Infrastructure Developers Limited
• Mining and Resources: Bailadila Iron Ore Mining Private Limited, Parsa Kente Collieries Limited, Talabira (Odisha) Mining Limited
• Energy and Renewables: Mundra Solar Energy Limited, Mundra Solar PV Limited, Adani Green Technology Limited
• Defence and Aerospace: Adani Aerospace and Defence Limited, Adani Defence Systems and Technologies Limited
• Media Operations: New Delhi Television Limited, NDTV Networks Limited, NDTV Media Limited

International Operations

The reclassification also includes numerous international subsidiaries and joint ventures:

• Australian Operations: Adani Australia Pty Limited, Adani Mining Pty Ltd, Carmichael Rail Network Pty Ltd
• Singapore Entities: Adani Global Pte. Ltd., Adani Shipping Pte Ltd., Rahi Shipping Pte. Ltd.
• Indonesian Companies: PT Adani Global, PT Coal Indonesia, PT Energy Resources
• US Operations: Adani North America Inc, Adani Solar USA Inc, Midlands Parent LLC

Regulatory Compliance Requirements

Both stock exchanges have emphasized the company's obligation to ensure compliance with subsequent relevant disclosures of material events related to this reclassification. The exchanges have mandated adherence to applicable provisions of Regulation 31A of SEBI LODR Regulations, 2015.

The approval letters from both BSE and NSE contain comprehensive lists of all 218 entities, with BSE's approval signed by Shyam Bhagirath and Harsh Gohil from Listing Compliance, while NSE's approval was signed by Apeksha Raichura, Manager – Listing Compliance.

Corporate Structure Impact

This reclassification represents a significant restructuring of AWL Agri Business's corporate ownership structure. The move from promoter category to public category for these 218 entities will alter the company's promoter holding pattern and potentially impact its governance structure. The company has fulfilled all regulatory requirements and received necessary approvals from both major stock exchanges for this comprehensive reclassification exercise.

AWL Agri Business Limited (formerly Adani Wilmar Limited) has received a penalty order from GST authorities, as disclosed in a regulatory filing dated February 27, 2026. The company made this disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Penalty Details

The Additional Commissioner of CT & GST (Appeal), Central Zone- I, Cuttack has issued an appellate order under Section 107 of the CGST Act, 2017 and OGST Act, 2017. The order confirms a penalty of ₹28,72,625 pertaining to a refund claimed under Section 54(3) relating to Inverted Duty Structure.

Nature of Violation

The penalty has been imposed on account of a refund claimed under the Inverted Duty Structure Category under Section 54(3) of the GST Act. The appellate order was passed under Section 107 of the GST Act, 2017 and OGST Act, 2017, confirming the penalty amount.

Company's Response and Impact Assessment

AWL Agri Business Limited has indicated that it is taking appropriate steps to appeal against the penalty order before the appropriate authority. The company has assessed that it does not foresee any material impact on its financial, operational or other activities due to this penalty.

Regulatory Compliance

The disclosure was made in compliance with SEBI Listing Regulations and SEBI Circular No. SEBI/HO/CFO/CFD-PoD1/P/CIR/2023/123 dated July 13, 2023. The company secretary Darshil Lakhia signed the disclosure document digitally on February 27, 2026.