Pursuant to Reg. 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Reg., 2015, we hereby inform you that the Board of Directors in its meeting held on 11th September, 2023, has approved the issue and allotment of 7,66,666 15% Cumulative Redeemable Preference Shares of Rs. 100/- each ('Preference Shares') on the same terms and conditions to redeem the unredeemed Preference Shares together with the unpaid dividend thereon under Section 55(3) of the Companies Act and its rules made thereunder pursuant to order of Hon'ble National Company Law Tribunal, Ahmedabad Bench. The Board Meeting commenced at 17:30 p.m. and concluded at 18:00 p.m. We request you to take the above on your record.