Valecha Engineering Limited has informed the Exchange about General Updates
Awaiting price reaction for this filing.
Valecha Engineering Limited disclosed two significant share acquisitions following an NCLT-approved resolution plan. J K Solutions Private Limited acquired 1,14,90,313 equity shares (51% voting rights) and Aether Perspectives LLP acquired 99,13,211 equity shares (44% voting rights), totaling 95% of the company. The shares were allotted on 27.12.2024 pursuant to the NCLT Mumbai bench order dated 25.06.2024. Both acquisitions are exempt from open offer requirements under Regulation 10(1)(da) of SEBI SAST Regulations, 2011, which applies to acquisitions pursuant to resolution plans under the Insolvency and Bankruptcy Code. Bhushan Ravindra Sable appears as a key person in both acquiring entities.
The company has undergone a complete change in control with new promoters holding 95% of voting rights. Existing public shareholders now hold approximately 5% of the company. This is a debt resolution outcome where creditors became shareholders through the IBC process.