Outcome of the First Board Meeting of PAE Limited held on Monday, 14th April, 2025 is attached herewith.
Awaiting price reaction for this filing.
PAE Limited held its first board meeting for FY 2025-26 on April 14, 2025, where major corporate restructuring decisions were taken. The entire shareholding of the erstwhile promoters and promoter groups has been cancelled and extinguished, while existing public shareholders have been reduced to just 5% of the post-restructured capital, equating to only 50,000 equity shares (Rs 5 lakh in total). Subsequently, 9,50,000 fresh equity shares (Rs 95 lakh in total) have been allotted to a new promoter and promoter group under an Approved Resolution Plan, giving them 95% control of the restructured company. Additionally, Priyanka Joshi (DIN: 10133653) was appointed as an Additional Non-Executive Independent Director and will chair the Audit Committee and Stakeholder Relationship Committee. J V Wadhwani & Associates was also appointed as the Secretarial Auditor for FY 2024-25.
This is a dramatic restructuring event - existing public shareholders have been wiped down to just 5% of the company (worth Rs 5 lakh total in share value), while a new promoter group has taken 95% control. For shareholders, this likely signals a complete change of ownership, possibly linked to an insolvency resolution process, and existing public investors have been massively diluted.