Indcap Advisors Pvt. Ltd. ("Manager to the Offer") has submitted to BSE a copy of Draft Letter of Offer to the public shareholders of South India Paper Mills Ltd ("Target Company").

230 A, A.J.C. Bose Road,Kolkata - 700 020 T: +91 33 4069 8001 E: Indcap@indcap.in W: www.indcap.in Suite # 68, 6th Floor,Chitrakoot Building Kolkata Suite 1201, 12th Floor, Aurora Waterfront, GN 34/1, Sector 5, Salt Lake City, Kolkata 700091 T: +91 33 4069 8001 E: kolkata@indcap.in W: www.indcap.in Suite # 68, 6th Floor,Chitrakoot Building Date: 02.09.2026 Bombay Stock Exchange (BSE) Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai, Maharashtra, 400001 Sub: Open Offer to acquire up to 48,75,000 equity shares representing 26.00% of the voting share capital of The South India Paper Mills Limited by the Acquirers (as defined below) along with the PACs (as defined below) at an offer price of ₹120/- per fully paid-up share Dear Sir/Madam, We would like to inform you that Nandini Modi and Kirit Modi (collectively the “Acquirers”), along with (i) Sachin Kirit Modi; (ii) Swapnil Kirit Modi; (iii) Riddhi Sachin Modi; (iv) Bhuvi Swapnil Modi; (v) Rihaan Sachin Modi; (vi) Rigid Containers Private Limited; and (vii) Fortune Packaging LLP, (collectively the “PACs”) have announced an Open Offer for acquisition of up to 48,75,000 (Forty Eight Lakhs Seventy Five Thousand) fully paid-up equity shares of face value of Rs.10/- (Rupees Ten Only) each, representing 26.00% of the total equity and voting share capital of The South India Paper Mills Limited (“Target Company”) (having CIN L85110KA1959PLC001352, Scrip Code: 516108 and Scrip ID: STHINPA) on a fully diluted basis, from the public shareholders of the Target Company for cash at an offer price of Rs.120/- (Rupees One Hundred and Twenty Only) per Equity Share. The Open Offer is being made pursuant to and in compliance with Regulation 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 2011 and subsequent amendments thereto (“SEBI (SAST) Regulations”) In accordance with the provisions of Regulation 12(1) of the SEBI (SAST) Regulations, we, Indcap Advisors Private Limited, a SEBI registered Merchant Banker having Registration No. INM000013031, have been appointed as the Manager to the Open Offer, by the Acquirers. As required under Regulation 16(1) of the SEBI (SAST) Regulations, we are enclosing herewith a copy of the Draft Letter of Offer dated September 02, 2026. We request you to kindly upload the Draft Letter of Offer on your website. Kindly acknowledge receipt. Yours sincerely, For and on behalf of, Indcap Advisors Private Limited Ravi Prakash Mundhra Compliance Officer Indcap Advisors Private Limited B angalore New Delhi Cove Offices 3rd Floor, 315 Rectangle One, Raheja Plaza, 3rd Floor, Richmond Rd, D-4, Saket, New Delhi-110017 Ashok Nagar, Bengaluru, Karnataka 560025 T: +91 11 4317 2313 CIN : U74120WB2008PTC125639 DRAFT LETTER OF OFFER (“DLOF”) “THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION” This Draft Letter of Offer (as defined below) is being sent to you as a Public Shareholder (as defined below) of The South India Paper Mills Limited (“Target Company”). If you require any clarifications about the action to be taken, you may consult your stockbroker or investment consultant or the Manager to the Offer (as defined below) or the Registrar to the Offer (as defined below). In the event you have recently sold your Equity Shares (as defined below) in the Target Company, please hand over the Draft Letter of Offer and the accompanying Form of Acceptance-cum-Acknowledgement and Transfer Deed to the member of the stock exchange through whom the said sale was effected. OPEN OFFER (“OPEN OFFER”/ “OFFER”) BY ACQUIRERS Name Residential Address Telephone Email Nandini Modi Flat No. 17B- Eden Hall, Dr. Annie +91 9987234801 kirit@kmoffice.in (“Acquirer 1”) Besant Road, Copper Chimney Hotel, Worli S.O. Mumbai-400018, Maharashtra Kirit Modi (“Acquirer Flat No. 17B Eden Hall, Dr. Annie +91 9987234801 kirit@kmoffice.in 2”) Besant Road, Copper Chimney Hotel, Worli S.O. Mumbai-400018, Maharashtra. ALONG WITH PERSON ACTING IN CONCERTS Name Residential Address Telephone Email Sachin Kirit Modi Flat No. 183 B, 18th Floor, B Wing, +91 9820181491 sachin@kmoffice.in (“PAC 1”) Kalpataru HO, S K Ahire Marg, Near TV Tower, Worli, Mumbai, 400018, Maharashtra Swapnil Kirit Modi Flat No. 17-B Eden Hall, Dr. Annie +91 9820179807 swapnil@kmoffice.in (“PAC 2”) Besant Road, Copper Chimney Hotel, Worli S.O. Mumbai, 400018, Maharashtra Riddhi Sachin Modi 183 B-Wing, Kalptaru Horizon, S K +91 9820237751 sachin@kmoffice.in (“PAC 3”) Ahire Marg, Worli, Mumbai, 400018, Maharashtra Bhuvi Swapnil Modi Q-3, Q-4, 17th Floor, Eden Hall, Dr. A. +91 9930436414 swapnil@kmoffice.in (“PAC 4”) B Road, Worli, Mumbai, Maharashtra – 400018 Rihaan Sachin Modi 183/B Wing, Kalptaru Horizon, S K +91 9820181491 sachin@kmoffice.in (“PAC 5”) Ahire Marg, Near Doordarshan Kendra, Worli, Mumbai, 400018, Maharashtra Rigid Containers DP - 8, SIDCO Industrial Estate, +91 9987234801 kiritmodioffice@gmail.com Private Limited Tirumzhisai, Chennai, Chennai, Tamil (“PAC 6”) Nadu, India, 600124 Fortune Packaging 801, A wing, Naman Midtown, Senapati +91 9987234801 kiritmodioffice@gmail.com LLP (“PAC 7”) Bapat Marg, Elphinstone Road (West), Mumbai City, Mumbai, Maharashtra, India, 400013 TO ACQUIRE Up to 48,75,000 (Forty-Eight Lakhs and Seventy-Five Thousand) fully paid-up Equity Shares (“Offer Shares”) representing 26% (Twenty Six percent) of the Voting Share Capital (defined below) of the Target Company, for cash at an offer price of ₹ 120/- (Rupees One Hundred and Twenty only) per Offer Share (“Offer Price”) From the Public Shareholder(s) of THE SOUTH INDIA PAPER MILLS LIMITED (“Target Company”) Registered Office: Chikkayana Chatra, P.O.: Nanjangud, Nanjangud, Karnataka, India-571301 Tel: (08221) 228265; Email: corporate@sipaper.com; Website: www.sipaper.com Corporate Identification Number: L85110KA1959PLC001352 Please Note: 1. This Offer is being made by the Acquirers and the PACs to the Public Shareholders of the Target Company pursuant to and in compliance with Regulations 3(1) and 4 of Securities and Exchange Board of India (Substantial Acquisition of Shares and Page 1 of 60 Takeovers) Regulations, 2011 and subsequent amendments thereto (“SEBI (SAST) Regulations, 2011”) for substantial acquisition of shares and voting rights accompanied with change in control. 2. This Offer is not conditional upon any minimum level of acceptance in terms of Regulation 19(1) of the SEBI (SAST) Regulations, 2011. 3. There is no differential pricing for Equity Shares under the Offer. 4. This Offer is not a competing offer in terms of Regulation 20 of the SEBI (SAST) Regulations, 2011. 5. As per the information available with the Acquirers, PACs and the Target Company, there has been no competing offer as on the date of this Draft Letter of Offer. If there is a competing offer, the public offers under all subsisting bids shall open and close on the same date. 6. As on the date of this Draft Letter of Offer, there are no statutory approvals required by the Acquirers and the PACs to complete the underlying transaction and this Open Offer. In case any statutory approvals are required or become applicable at a later date before the closure of the Tendering Period, this Open Offer shall be subject to the receipt of such statutory approvals. 7. As on date of this Draft Letter of Offer, the marketable lot for the Equity Shares of the Target Company is 1 (One). 8. In terms of Regulation 23(1) of the SEBI (SAST) Regulations, 2011, in the event that the approvals specified in Section IX(C) (Statutory and Other Approvals) of this DLOF or those which become applicable prior to completion of the Open Offer are not received, for reasons outside the reasonable control of the Acquirers and the PACs, then the Acquirers and the PACs shall have the right to withdraw the Open Offer. The following conditions under which the Acquirers and the PACs can withdraw the Open Offer, as provided in Regulation 23(1) of the SEBI (SAST) [Showing first 8,000 characters — download PDF for full document]