Punj Lloyd Limited (In Liquidation) has completed the transfer of its Defence Unit to Adani Defence Systems and Technologies Limited (ADSTL), marking a significant milestone in the company's restructuring process.

Transaction Completion Details

The company announced on March 10, 2026, that the "Closing Date" under both the Business Transfer Agreement (BTA) and Share Purchase Agreement (SPA) had occurred. The transactions involve two key components:

Background and Legal Framework

The current transactions stem from earlier corporate restructuring activities initiated in February 2026. Punj Lloyd had previously informed stock exchanges about the acquisition plan submitted by Adani Infra (India) Limited for the acquisition of the company, which received approval through a National Company Law Tribunal order dated February 12, 2026.

Share Transfer Process

While the Defence Unit transfer to ADSTL has been completed, the company noted that shares of Air Works India (Engineering) Private Limited, currently held by Punj Lloyd Aviation Limited (a subsidiary), are in the process of being transferred to ADSTL. This share transfer was executed under the Share Purchase Agreement signed on February 28, 2026.

Regulatory Compliance

The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has maintained transparency throughout the restructuring process by providing regular updates to both BSE Limited and National Stock Exchange of India Limited regarding the progress of these strategic transactions.

Punj Lloyd Limited has successfully completed its acquisition by Adani Infra (India) Limited, marking the conclusion of a liquidation process that began under the Insolvency and Bankruptcy Code, 2016. The transaction, valued at INR 281.10 crores, was finalized on March 10, 2026, with the execution of the sale certificate by the liquidator.

Transaction Details and Timeline

The acquisition process culminated following a series of regulatory approvals and procedural steps. The National Company Law Tribunal, Principal Bench, New Delhi issued its approval order on February 12, 2026, disposing the application for approval of the acquisition plan filed by Adani Infra (India) Limited.

Regulatory Framework and Process

The transaction was conducted under the provisions of the Insolvency and Bankruptcy Code, 2016 and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The acquisition followed a structured e-auction process, with the asset sale process memorandum for the 14th round of e-auction dated September 8, 2025, providing the framework for the transaction.

Adani Infra (India) Limited emerged as the successful bidder and has fulfilled all payment obligations in accordance with the letter of demand dated October 23, 2025. The company has also executed undertakings to assume liability against underlying bank guarantees as specified in the asset sale process memorandum terms.

Additional Commitments and Obligations

Beyond the primary sale consideration, Adani Infra has undertaken specific liability assumptions related to bank guarantees. The successful bidder has committed to assume:

• 10% liability of disputed bank guarantees
• 25% liability of ongoing project bank guarantees

These commitments align with the terms outlined in the asset sale process memorandum and represent additional financial obligations beyond the core acquisition price.

Corporate Disclosure and Compliance

Punj Lloyd Limited disclosed the completion through official communication to both BSE Limited and National Stock Exchange of India Limited on March 10, 2026. The disclosure was made pursuant to Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The announcement represents the culmination of previous intimations dated October 18, 2025, February 12, 2026, and February 13, 2026, which had provided updates on the acquisition process and regulatory approvals. Company Secretary Adhish Swaroop signed the disclosure on behalf of Punj Lloyd Limited, confirming the successful completion of the transaction and transfer of the company to Adani Infra (India) Limited.