Outcome of Board Meeting (EGM on March 19, 2014)

• Security Code: 531120
• Company: PATELENG

Patel Engineering Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 14, 2014, inter alia, have approved following items, subject to approval of the shareholders at the Extraordinary Gene Meeting and subject to such approvals as may be required:

1. Alter the Authorized Capital of the Company of Rs. 25,00,00,000/- [Rupees Twenty Five Crore Only) divided into 23,00,00,000 Equity Shares of Rs. 10/- each aggregating to Rs. 23,00,00,000/- [Rupees Twenty Three Crore Only] and 2,00,00,000 Redeemable Preference Shares of Re.1/- each aggregating to 2,00,00,000 [Rupees Two Crore Only).

2. To create, offer, issue and allot subject to approval of shareholders 69,79,131 Zero Coupon Optional Convertible Preference Shares (OCPS) of Re.1/- each fully paid up aggregating to Rs. 69,79,131 to the Promoters of the Company on Preferential basis with an option to them to convert it into Equity shares of Re. 1/- each at a price of Rs. 57.50 per equity share [inclusive of premium of Rs. 56.50 per Equity Share), the Relevant Date being February 17, 2014 as per Regulation 76 of SEBI [ICDR] Regulations, 2009, in one or more tranches, in one or more financial year, within the period of 18 months from the date of allotment of OCPS, against such number of OCPS as may be required for conversion into Equity Shares at the above price subject to such other approvals as may be required.

3. Increase in borrowing limit of the Company from existing Rs. 5000 crores to Rs. 7500 crores.

4. Appointment/promotion of Mr. Ashwin Parmar, Vice President - Business Development as a Whole time Director of the Company w.e.f April 1, 2014.

5. Re-appointment of Whole tinne Directors.

The Board of Directors have decided to hold on Extraordinary General Meeting of the Company on March 19, 2014 at 3.30 pm at Shree Saurashtra Patel Samaj, Patel Estate Road, Jogeshwari (west), Mumbai-400 102, for obtaining the approvals of the members of the Company by Ordinary/Special resolution on the matters mentioned above.