REPORT UNDER REGULATION 10(6) OF SEBI (SAST) REGULATIONS, 2011
Awaiting price reaction for this filing.
Two entities acquired controlling stakes in Valecha Engineering Limited through a Resolution Plan approved by NCLT Mumbai on June 25, 2024. J K Solutions Private Limited received allotment of 1,14,90,313 shares (51% voting rights) and Aether Perspectives LLP received 99,13,211 shares (44% voting rights) on December 27, 2024. Together, they now hold 95% of the company's equity. The acquisitions are exempt from making an open offer under Regulation 10(1)(da) of SEBI SAST Regulations, as they were part of the corporate insolvency resolution process. Both filings are signed by Bhushan Ravindra Sable (Partner of Aether and Director of J K Solutions), indicating common control.
This represents a complete change in control of Valecha Engineering, with new promoters acquiring a 95% stake through the insolvency resolution process. Existing shareholders now hold only 5% of the company. The stock may see volatility as the market adjusts to this significant ownership change.