Ceigall India Limited's Management Committee has made significant corporate decisions regarding subsidiary restructuring and new project implementation during its meeting held on January 13, 2026.

Management Committee Decisions

The Management Committee, operating under powers conferred by the Board of Directors, addressed two major corporate actions during the meeting that commenced at 10:00 A.M. (IST) and concluded at 10:40 A.M. (IST).

Subsidiary Stake Sale Authorization

The committee authorized the execution of a non-binding offer letter received from an Asset Management Company for the sale of 100% equity stake held in Ceigall Malout Abohar Sadhuwali Highways Private Limited, a step-down subsidiary of the company. The proposed transaction remains subject to several conditions including completion of due diligence, negotiation and execution of definitive agreements, and receipt of requisite regulatory, statutory, lender and other approvals as applicable.

New SPV Incorporation Approval

The committee approved the incorporation of a new project SPV named "Ceigall Indore Ujjain Greenfield Highway Limited" as a subsidiary of the company. This SPV will serve as the implementation vehicle for a highway project previously awarded to Ceigall Infra Projects Private Limited, a wholly owned subsidiary.

Project Background

The new SPV will implement the highway project awarded by Madhya Pradesh Road Development Corporation Limited for "Construction of Indore Ujjain Green field (Access Control) 4 lane with paved shoulder project highway." The project spans 48.10 kilometers, starting from Km. 0.000 near Pitra Parvat and terminating at Km. 48.100 (Simhastha bypass km 2.600) on Hybrid Annuity Mode (HAM).

Regulatory Compliance and Trading Window

The company has informed stock exchanges that detailed disclosures under Regulation 30 of SEBI Listing Regulations will be submitted once definitive agreements are executed. Additionally, the trading window for dealing in company securities remains closed from January 1, 2026, and will remain closed until 48 hours after the declaration of unaudited financial results for the quarter and nine months ended December 31, 2025.

The decisions reflect Ceigall India's strategic approach to portfolio optimization through divestment while simultaneously expanding its project portfolio through structured SPV formations for new infrastructure developments.

Ceigall India has approved a non-binding sale offer for its entire stake in two highway subsidiaries, marking a significant development in the company's infrastructure portfolio management.

Transaction Details

The approved sale encompasses the company's complete ownership in two key subsidiaries:

Strategic Implications

The transaction involves both an established highway operation and a newly formed subsidiary, suggesting a comprehensive approach to portfolio restructuring. The Malout Abohar Sadhuwali highway project represents an existing operational asset, while the Indore Ujjain Greenfield Highway Limited appears to be a recently incorporated entity for upcoming highway development.

Non-Binding Nature

The approval relates to a non-binding offer, indicating that while the company has given preliminary consent to the proposed transaction, the final agreement remains subject to further negotiations and due diligence processes. This structure allows both parties flexibility in finalizing terms and conditions before reaching a definitive agreement.

Highway Infrastructure Focus

Both subsidiaries operate in the highway infrastructure sector, reflecting Ceigall India's core business focus on road and highway development projects. The divestment of these assets may be part of a broader strategic realignment of the company's infrastructure investments and operational priorities.