Description

PAE Limited's equity shares to be listed and available for trading under XT Group from January 07, 2026, following NCLT-approved resolution plan under IBC.

Summary

BSE has announced the listing of PAE Limited’s equity shares effective January 07, 2026, following the NCLT Mumbai Bench’s approval of the company’s Resolution Plan under the Insolvency and Bankruptcy Code, 2016 (dated November 27, 2024). The company will trade under XT Group in Trade-to-Trade segment with 10,00,000 fully paid-up equity shares of Rs. 10/- each (Scrip Code: 517230, ISIN: INE766A01026).

Key Points

  • Trading Commencement: January 07, 2026 under XT Group
  • Scrip Details: Code 517230, ISIN INE766A01026, Symbol PAEL, Face Value Rs. 10/-
  • Total Securities: 10,00,000 fully paid-up equity shares
  • Market Lot: 1 share
  • Trading Mode: Trade-to-Trade segment (as per Notice 20230210-55 dated February 10, 2023)
  • Special Pre-Open Session: Applicable for IPO and Other category scrips
  • Record Date: March 04, 2025 (for resolution plan effect)
  • Temporary ISIN: Shares currently credited under temporary ISIN per SEBI Circular CIR/MRD/DP/21/2012

Regulatory Changes

Resolution Plan Implementation (NCLT Order dated November 27, 2024):

  1. Promoter Holding: 100% extinguishment of existing promoters’ holding
  2. Public Shareholding Reduction: Reduced from 10,41,96,000 equity shares to 50,000 equity shares (post capital reduction)
  3. New Allotment: 9,50,000 equity shares of Rs. 10/- each allotted on preferential basis to Successful Resolution Applicant

Lock-in Details:

  • 47,368 shares (Distinctive No. 50001-97368): Lock-in until January 20, 2027
  • 2,36,842 shares (Distinctive No. 100001-336842): Lock-in until January 20, 2027
  • 6,15,790 shares (Distinctive No. 350001-965790): Lock-in until January 20, 2027
  • Total Locked-in Shares: 9,00,000 shares (90% of total issued capital)

Compliance Requirements

For Market Participants:

  • Note the XT Group classification and associated trading restrictions
  • Follow Trade-to-Trade settlement procedures
  • Observe Special Pre-Open Session requirements per SEBI Circulars CIR/MRD/DP/01/2012 and CIR/MRD/DP/02/2012
  • Recognize temporary ISIN status for dematerialized shares
  • Comply with lock-in restrictions on specified shares until January 20, 2027

Company Details:

  • Registered Office: Level 1, Block A, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai - 400018
  • Contact for Clarifications: 022-2272 8706 / 5878

Important Dates

  • January 05, 2026: Notice date
  • January 07, 2026: Listing and trading commencement date
  • January 20, 2027: Lock-in expiry for 9,00,000 shares
  • November 27, 2024: NCLT Mumbai Bench approval of Resolution Plan
  • March 04, 2025: Record date for resolution plan effect (as per Exchange Notice 20250225-91)

Impact Assessment

Market Impact: Medium - The listing represents a post-insolvency restructuring with significant capital changes. The company emerges with only 10 lakh shares compared to the previous 10.42 crore shares, indicating a massive 99% reduction in public shareholding.

Investor Impact:

  • Existing public shareholders saw their holdings reduced from 10.42 crore shares to just 50,000 shares
  • New Resolution Applicant now holds 95% of the company (9.5 lakh shares)
  • 90% of shares under lock-in until January 2027, limiting liquidity
  • XT Group and Trade-to-Trade classification indicates higher risk surveillance

Operational Impact:

  • Fresh start post-insolvency with new management control
  • Enhanced surveillance due to XT Group placement
  • Limited trading flexibility due to Trade-to-Trade segment restrictions
  • Temporary ISIN status requires monitoring for permanent ISIN activation

Impact Justification

Post-insolvency listing with significant capital restructuring, 100% promoter extinguishment, and public shareholding reduction from 10.42 crore to 50,000 shares. Trading restrictions apply with XT Group classification and lock-in periods.