Adani Acquisition Moves Forward: Punj Lloyd Board Approves Share Allotment

Punj Lloyd Limited is set to receive ₹10 lakh following the allotment of 500,000 equity shares.

Share Allotment Details

Punj Lloyd's Board of Directors met on March 24, 2026, to approve the allotment of 500,000 fully paid equity shares. The shares were issued at par value of ₹2 each, raising ₹10 lakh in total. Adani Infra (India) Limited was allotted 475,000 shares for ₹9.50 lakh, while Dincum Growth Fund Mauritius received 25,000 shares for ₹0.50 lakh. This increases Punj Lloyd's issued and paid-up share capital by ₹10 lakh.

Context: Acquisition Step

This allotment is a procedural step in Adani Infra (India) Limited's acquisition of Punj Lloyd. The deal, approved by the National Company Law Tribunal (NCLT) as part of Punj Lloyd's liquidation process, signifies integration. This marks Punj Lloyd's formal integration into the Adani Group structure after its acquisition as a going concern. While small, this capital infusion is part of the planned financial restructuring under new ownership.

Punj Lloyd's Financial Struggles and Adani Takeover

Punj Lloyd, once a prominent player in the EPC sector, faced severe financial distress and accumulated significant debt, leading to liquidation proceedings. The company was formally ordered into liquidation by the NCLT in May 2022. Adani Infra (India) Limited acquired Punj Lloyd as a going concern for ₹281.10 crore, with the deal closing around March 10, 2026. This acquisition is aimed at reviving the company's operations under the Adani Group's management. Adani Infra (India) Limited, a privately held construction firm, made this acquisition to bolster the Adani Group's EPC capabilities.

Key Changes for Punj Lloyd

• Adani Infra (India) Limited and Dincum Growth Fund Mauritius become shareholders as part of the acquisition framework.
• The company's ownership structure is formally transitioning under the Adani Group.
• This event is a step in integrating Punj Lloyd's assets and operations into Adani's broader infrastructure plans.

Challenges Ahead

The company is undergoing liquidation as approved by the NCLT, with this allotment part of the resolution process rather than standalone operational growth. Punj Lloyd's revival success depends on the Adani Group's integration strategy and the company's ability to overcome past financial issues. Existing Punj Lloyd shareholders likely saw their holdings cancelled under the 'clean slate' provision for the new owner.

Industry Context

Historically, Punj Lloyd was a significant EPC player alongside giants like Larsen & Toubro (L&T), KEC International, and Kalpataru Projects International. However, its recent past was marked by financial distress and liquidation. Competitors like L&T have maintained strong order books, while KEC International reported revenue decreases and Kalpataru Projects International holds a substantial order book. Punj Lloyd's current situation, defined by liquidation and acquisition, marks a significant shift from its peer group's operational dynamics.

Key Financial Data

As of March 24, 2026, Punj Lloyd's issued and paid-up share capital increased by ₹10 lakh following the allotment of 500,000 shares. Total admitted liabilities to Punj Lloyd's creditors exceeded ₹13,380 crore as of the liquidation proceedings.

Looking Ahead

• Integration of Punj Lloyd's assets and operations under Adani Infra.
• Adani Group's strategic plans for the acquired EPC capabilities and defence units.
• Any operational updates or revival milestones for Punj Lloyd under its new ownership.
• Market response to Adani Group's expanded EPC footprint.