PAE Ltd Enters into Loan Agreement with Promoter for Equity Conversion

PAE Ltd has entered into a loan agreement with its Non-Executive Director, Mr. Jatinbhai Ramanbhai Patel, for the conversion of his unsecured loan into equity. The loan, amounting to Rs. 4,80,00,000, was brought in by Mr. Patel in his capacity as a Successful Resolution Applicant and was considered as quasi equity by the board. The conversion will be at a price of Rs. 60 per equity share, including a premium of Rs. 50/- per share, subject to approval of shareholders in the Annual General Meeting. The transaction does not fall within the purview of related party transactions as it has been acquired by issuance of specified securities on a preferential basis.