This is regarding the divestment/disposal of wholly owned step-down subsidiary of the Company i.e., M/s. Rane Light Metal Casting Inc., USA (LMCA) and the approval of the shareholders of the Company accorded vide postal ballot dated June 17, 2023 for sale/divestment/pledge/dilution/disposal or cessation of control of the Company in LMCA, being a material subsidiary. The Board at its meeting held on August 28, 2023 has now approved divestment by way of stock sale of entire holdings in LMCA held through its wholly owned subsidiary viz., Rane (Madras) International Holdings B.V., The Netherlands (RMIH). The Board of directors have authorized the Investment Committee to finalize the terms and conditions including the consideration, parties etc., in connection with the proposed divestment.