Further to our letters dated December 22, 2023 and January 17, 2024, we would like to submit that Grindwell Norton Limited ("Company") subscribed to 49% equity share capital of Advanced Synthetic Minerals Private Limited (''ASM'') at a Net consideration of Rs. 15 crores (Rupees Fifteen Crores only) as of January 24, 2024. With this subscription, ASM becomes an affiliate of the Company effective January 24, 2024.