Outcome of board meeting of RMG Alloy Steel

Held on 01 March 2018

The Board of RMG Alloy Steel at its meeting held on 01 March 2018 has approved following:

a. Issue and allotment of securities (equity and/or preference shares) for an aggregate amount of Rs.405 crore in one or more tranches to a constituent of the promoters' group viz. Welspun Steel (Rs.230.75 crore) and to independent financial investors (Rs.174.25 crore) by way of private placement. The issue is subject to necessary corporate and regulatory approvals.

b. Alteration of Memorandum of Association for increasing the authorized share capital to enable the issue of above mentioned securities.

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