Palred Technologies Limited — Capital/Financing Update 2021

Dec 23, 2021

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To Date: 23.12.2021

The Secretary,Listing DepartmentBSE LimitedPhiroze Jeejeebhoy Towers,Dalal Street, Mumbai - 400001.Maharashtra, India	TheManager,ListingDepartmentNationalStockExchangeofIndia LtdExchange Plaza, 5th Floor, Plot No. C/1, GBlock, Bandra-Kurla Complex, Bandra (E),Mumbai - 400 051. Maharashtra, India

Dear Sir/ Madam,

• Sub: Outcome of the Board Meeting held on 23.12.2021 – Reg Preferential Issue under Reg.30 of SEBI(LODR) Regulations, 2015

• Ref: NSE’s and BSE’s email dated 13.12.2021 and 14.12.2021 respectively

• Unit: Palred Technologies Limited (BSE Scrip Code: 532521, NSE Symbol: PALREDTEC)

With reference to the subject cited, this is to inform the Exchange that the Board of the Directors of the company in its meeting held on 23[rd] December, 2021 at 04:10 p.m. has noted / approved the following with regard to fixation of issue price for preferential allotment of share/warrants:

1. As suggested by NSE’s and BSE’s email dated 13.12.2021 and 14.12.2021 respectively with regard to obtaining the Valuation Report from the Registered Valuer determined by adopting different valuation methods apart from the price determined as per SEBI ICDR Regulations which has been considered as the issue price with regard to the preferential issue of 25, 00,000 convertible warrants to the non-promoters duly approved by the shareholders at the Extra Ordinary General Meeting held on 20.11.2021.

The Company out of abundant precaution, notwithstanding the interpretation of the ‘Further Issue clause’ i.e. Article 74 of the Articles of Association (AoA) of the

PALRED TECHNOLOGIES LIMITED

CIN: L72200TG1999PLC033131

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Company, read with the Companies Act, 2013, relevant Rules made thereunder and SEBI (ICDR) Regulations, 2018, had obtained the Valuation Report dated 20.12.2021 for the valuation of its Equity Shares as on the relevant date i.e. 21.10.2021, by the Registered Valuer namely CA. Maligi Madhusudhana Reddy, Regd. Valuer: IBBI/RV/05/2019/10954 who was appointed by the audit committee.

1. As per the Valuation report dated 20.12.2021 as received from CA. Maligi Madhusudhana Reddy, Regd. Valuer: IBBI/RV/05/2019/10954, the price of the equity shares arrived by the Registered Valuer is hereunder:

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----- Start of picture text ----- Method of Price Calculated by theValuation Registered Valuer(Rs. Per equity share)Net Assets Value method 27.00Discounted Cash Flowmethod 119.00Comparable CompaniesMultiple Method NAMarket Price Method as perSEBI ICDR 127.62Whichever is higher as above 127.62----- End of picture text -----

After evaluating the different methods of the price of the equity shares as mentioned above, the Registered Valuer has concluded that the Fair Market Value per equity share of the Company is Rs.119 and as per Market Price Method i.e. as per SEBI ICDR Regulations, the price is Rs. 127.62. Therefore, the minimum price at which the warrants may be issued to the Non-Promoters is Rs.127.62 against which the company fixed the issue price as Rs.128 per warrant liable to be converted in to equal number of equity shares at a price of Rs.10 each with a premium of Rs.118 per share.

1. Fresh e-Voting shall be opened from Wednesday, 29.12.2021 at 09:00 a.m. to Friday, 31.12.2021 at 5:00 p.m. to enable the shareholders as on the cut - off date 13.11.2021 to enable them to vote post dissemination of aforesaid information for the Agenda item no. 1 of the EGM notice dated 26.10.2021.

PALRED TECHNOLOGIES LIMITED CIN: L72200TG1999PLC033131

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1. The Audit committee of the Company has been reconstituted post resignation of Ms. Richa Patnaik, Independent Director as per applicable provisions of Companies Act, 2013 and SEBI (LODR), 2015.

The meeting concluded at 05.00 pm.

This is for the information and records of the Exchange.

Thanking you.

Yours sincerely, For Palred Technologies Limited

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Shruti Mangesh Rege Company Secretary

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CIN: L72200TG1999PLC033131

PALRED TECHNOLOGIES LIMITED