Further to our letter dated October 07, 2020 and pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and all other applicable provisions, we wish to inform you that the Board of Directors of Company at its meeting held today has inter alia considered and approved the allotment of 2,40,000 8.5% unlisted Non Convertible Cumulative Redeemable Preference Shares ('NCCRPS') of Rs. 100/- each to existing holders of such Preference Shares, in lieu of the redemption of 1,50,000, unlisted 12% NCCRPS together with unpaid dividend, in terms of the approval accorded by the National Company Law Tribunal , Allahabad Bench by an order dated September 24, 2020 under Section 55(3) of the Companies Act, 2013.