Outcome of board meeting of Setco Automotive

Held on 04 June 2021

The Board of Setco Automotive at its meeting held on 04 June 2021 has approved the following:

1. Assignment and transfer of all the trademarks, designs and other intellectual property rights, relating to the clutch manufacturing business, inter alia including LIPE brand (IPRs) which are owned by wholly-owned ultimate subsidiary of the Company i.e. Setco Automotive (UK) (SAUL) and step-down wholly owned subsidiary of the Company i.e. Setco Automotive (NA) Inc. (SANAI), to the Company, as a related party transaction under the provisions of Section 188 of the Companies Act and the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

2. To evaluate, consider, negotiate and execute transaction documents for the proposed fund raising through issuance of equity shares and convertible instruments by Setco Auto Systems, a wholly owned subsidiary of Company, to the schemes of the India Resurgence Fund managed by India Resurgence Asset Management Business, for up to 27% shareholding in Setco Auto Systems on a fully diluted basis.

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