Expiry of SPA with AMTC for acquisition of BRPL

October 11, 2017

Dear Sirs, Madam,

Sub: EXPIRY OF SHARE PURCHASE AGREEMENT WITH AMTC FOR ACQUISITION OF BRAHMANI RIVER PELLETS LIMITED

This has reference to our release dated 23rd December 2016, intimating about the execution of definitive agreement to acquire 100% equity shares of Brahmani River Pellets Limited (BRPL) from the selling entities being Aryan Mining and Trading Corpn Private Limited (AMTC) and companies in the Moorgate Industries Group (MIG).

The transaction has not been completed within the long stop date, due to non - fulfilment of certain conditions precedent by the sellers, such as, obtaining the necessary regulatory approvals from the Reserve Bank of India, settlement of proceedings under FEMA by the Directorate of Enforcement, approval from the Income Tax authorities, etc. In the absence of clear approvals, the shares could not, in our opinion, be transferred with a clear title.

This disclosure is made in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

This is for your information and records.