Transformers and Rectifiers QIP Proceeds Reallocation Postal Ballot

Key Quantitative Figures

Total QIP Proceeds: ₹5,000.00 million
Amount Utilized as of 30.06.2026: ₹3,547.49 million
Unutilized Amount as of 30.06.2026: ₹1,452.51 million
Monitoring Agency Reported Deviation: ₹180.89 million utilized towards General Corporate Purposes (exceeding 25% limit)

Proposed Revised Utilization Limits (₹ in million)

| Company's growth and business expansion through funding of capital expenditure requirements | 1,450.00 | Nil | 1,450.00 | 1,616.32* |

| Funding the working capital requirements of the Company | 1,250.00 | 1,244.11 | 5.89 | 1,250.00 |

| Repayment and/or pre-payment of certain outstanding borrowings | 613.80 | 602.61 | 11.19 | 613.80 |

| Funding inorganic growth and general corporate purposes | 1,574.35 | 1,558.99 | 15.36 | 1,378.10 |

| QIP related issue expenses | 111.85 | 141.78 | (29.93) | 141.78 |

| Total | 5,000.00 | 3,547.49 | 1,452.51 | 5,000.00 |

*Backward integration projects and other capex projects of the Company and its subsidiary

Timeline and Key Dates

Cut-off Date for Shareholder Eligibility: Friday, 21st August, 2026
Dispatch of Notice Completion: 29th August, 2026
E-voting Commencement: 30th August, 2026 at 09:00 a.m. IST
E-voting Conclusion: 28th September, 2026 at 05:00 p.m. IST
Results Declaration: On or before 30th September, 2026
Proposed Revised Utilization Timeline: Up to 31st March, 2027

Rationale for Reallocation

The Company had originally allocated ₹1,450.00 million for a greenfield project for manufacturing of Fabricated Tanks, which is now planned to commence in Q4 of FY 2026-27. The Company is currently undertaking backward integration greenfield projects (CTC, Pressboard and Bushing) funded through internal accruals. The ₹180.89 million reported towards General Corporate Purposes relates to ordinary GCP expenditure connected with ongoing Capex pertaining to expansion and backward integration.

Regulatory and Governance Details

Scrutinizer Appointed: Mr. Tapan Shah (Membership No. F4476), Practising Company Secretary
E-voting Service Provider: Central Depository Services (India) Limited (CDSL)
Regulatory References: SEBI LODR Regulations, Regulation 44; Companies Act, 2013 Sections 108, 110, 114; Companies (Management and Administration) Rules, 2014; MCA General Circulars
Documents Available for Inspection: Placement Document dated 13th June, 2024; Monitoring Agency Report for quarter ended 30th June, 2026

Voting Process

Remote e-voting facility provided through CDSL platform. Shareholders can vote through:

1. Depositories (CDSL/NSDL) for individual demat holders

2. CDSL e-Voting system for physical shareholders and non-individual demat shareholders

Financial Impact

The reallocation maintains the aggregate QIP proceeds at ₹5,000.00 million while realigning object-wise utilization with current business requirements and Monitoring Agency observations.

Board and Committee Approvals

Audit Committee: Reviewed and recommended the proposed variation/reallocation
Board of Directors: Approved the proposal at meeting held on 27th August, 2026, subject to shareholder approval

Interested Parties

None of the Directors, Key Managerial Personnel of the Company or their relatives is concerned or interested, financially or otherwise, in the proposed resolution, except to the extent of their respective shareholding, if any, in the Company.

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