Pursuant to Regulation 30 of the SEBI Listing Regulations, this is to inform you that the Board of Directors of the Company has approved the following matters at its meeting held on February 16, 2022: 1. Acquisition of 100% of the equity share capital of Mivaan Steels Limited ('MSL') to make it a wholly owned subsidiary of the Company. 2. The draft Scheme of Arrangement under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and the rules and regulations made thereunder, as amended, for the transfer of a specified undertaking of the Company (as described in Annexure-1) to Mivaan Steels Limited, upon it becoming a wholly owned subsidiary of the Company, by way of slump sale ('Scheme'), subject to the terms of the Scheme.