We wish to inform that the Board of Directors of the Company has approved at its meeting held on November 3, 2022, the allotment of 95,00,000 - 1% Cumulative Redeemable Preference Shares (CRPS) to Escorts Kubota Limited (Formerly Escorts Limited), at par value, for consideration other than cash i.e. in lieu of redemption of 95,00,000 - 10% CRPS in Compliance of the National Company Law Tribunal Order dated May 13, 2022. The requisite details as specified in Para A of Part A of Schedule III of the SEBI Listing Regulations read with the SEBI Circular CLR/CFD/CMD/4/2015 dated September 9, 2015 is enclosed as Annexure I.