Outcome of Board Meeting

Date: September 17, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jee Jee Bhoy Towers Exchange Plaza Dalal Street, Fort Bandra-Kurla Complex, Bandra(E) Mumbai 400001 Mumbai 400051 Scrip Code: 513343 Symbol: GFSTEELS Sub: Outcome of the Board Meeting held on September 17, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), we wish to inform you that the Board of Directors of the Company, at its meeting held on September 17, 2026, inter alia, considered and approved the following matters: 1. Approval for issuance of Secured, Unlisted, Non-Convertible Debentures on private placement basis and acquisition of 62.01% equity shareholding in Tikona Infinet Private Limited. The Board approved the issuance of Secured, Unlisted, Non-Convertible Debentures (“NCDs”) on a private placement basis, aggregating up to Rs. 99,19,00,000/-, subject to the terms and conditions of the proposed issue and applicable laws, regulations and requisite approvals. The aforesaid NCDs are proposed to be issued to the identified shareholders/sellers of Tikona Infinet Private Limited (“TIPL”) as a part of purchase consideration towards the proposed acquisition of 62.01% equity shareholding in TIPL. The proposed acquisition of 62.01% equity shareholding in TIPL was earlier disclosed by the Company to the Stock Exchanges on September 12, 2026, pursuant to execution of the Share Purchase Agreement (“SPA”). The aforesaid NCDs are proposed to be issued otherwise than for cash and shall constitute part of the purchase consideration payable towards the acquisition of the aforesaid 62.01% equity shareholding in Tikona. Details of consideration payable The consideration for the proposed acquisition of 62.01% equity shareholding in TIPL shall be acquired by the Company for an aggregate consideration of INR 99,22,00,380, which shall be discharged partly through issuance of secured NCDs and partly through cash payment, as set out below: Particulars 36-Month 12-Month Secured Cash Payment Total Secured NCDs NCDs (C) consideration (A) (B) (A+B+C) Principal/ Rs. 86,80,00,000 Rs. 12,39,00,000 Rs. 3,00,380 Rs. 99,22,00,380 Consideration Accordingly, NCDs aggregating to Rs. 99,19,00,000/- shall form part of the consideration for acquisition, with the balance consideration of Rs. 3,00,380/- proposed to be paid in cash at closing. The proposed issuance/allotment of the aforesaid NCDs shall be subject to fulfilment of applicable conditions precedent and receipt of all requisite approvals, consents and permissions, including the approval of the shareholders of the Company in respect of the relevant Related Party Transaction (“RPT”), wherever applicable. The disclosures required under Regulation 30 read with Schedule III of the SEBI Listing Regulations and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, are enclosed herewith. 2. Deferment of Issuance of Convertible Warrants by way of Preferential Allotment. The Board discussed about the Fund-raising activities to be undertaken by the company by way of issuance equity shares/warrants convertible into equity shares of the Company through permissible modes including as preferential allotment, in accordance with the provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Companies Act, 2013, as amended, subject to receipt of requisite consent/approvals, as applicable. After due consideration and deliberation, the Board decided to defer the aforesaid matter for further consideration. The date of such board meeting of the Company will be intimated in due course. The matter shall be placed before the Board for consideration at an appropriate time. The meeting of the Board of Directors commenced at 3:00PM (IST) and concluded at 04:00PM (IST). You are requested to take the above information on record. Thanking You For Tikona Communication Limited (Formerly known as Grand Foundry Limited) Sonia Arora Company Secretary and Compliance Officer M. No. A25863 Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Schedule III thereto and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 Details of proposed issuance of Secured, Unlisted, Non-Convertible Debentures S. No. Particulars Description 1. Type of securities proposed to be Unlisted, secured, redeemable, non-convertible issued (viz. equity shares, debentures (“NCDs”) convertibles etc.); 2. Type of issuance (further public Private placement to identified investor(s)/shareholders offering, rights issue, depository of Tikona Infinet Private Limited (“TIPL”) receipts (ADR/GDR), qualified institutions placement, preferential allotment etc.); 3. Total number of securities Up to 9,919 Unlisted, Secured, Redeemable, Non- proposed to be issued or the total Convertible Debentures having a face value of Rs. amount for which the securities 1,00,000/- each, aggregating up to Rs. 99.19 crores. will be issued (approximately); 4. Size of the issue Not exceeding Rs. 99.19 crores. 5. Whether proposed to be listed? No. 6. Tenure of the instrument - date of 36-Month Secured NCDs: Principal amount of Rs. allotment and date of maturity 86,80,00,000/- and tenure of 36 months from the date of allotment. 12-Month Secured NCDs: Principal amount of Rs. 12,39,00,000/- and tenure of 12 months from the date of allotment. The proposed issuance/allotment of the aforesaid NCDs is subject to fulfilment of applicable conditions precedent and receipt of all requisite approvals, consents and permissions, including approval of the shareholders of the Company in respect of the relevant Related Party Transaction (“RPT”), wherever applicable. 7. Coupon/interest offered, schedule 36-Month 12-Month Particulars of payment of coupon/interest Secured NCDs Secured NCDs and principal; Principal INR INR Amount 86,80,00,000 12,39,00,000 Schedule of 36 months from 12 months from payment of Date of Date of principal Allotment Allotment Coupon Rate 1% p.a. 6% p.a. Schedule of payment of Yearly Yearly interest INR 1,00,000 INR 1,00,000 Face Value per NCD per NCD 8. Charge/security, if any, created The NCDs are proposed to be secured by way of over the assets; mortgage/charge/pledge, as applicable over the identified assets of SAR Televenture Limited, having an aggregate value of approximately Rs. 99.19 crores, subject to creation and perfection of the security. 9. Special Right/interest/privileges Nil attached to the instrument and changes thereof 10. Delay in payment of interest / Not Applicable as on the date of this disclosure. principal amount for a period of more than three months from the due date or default in payment of interest / principal; 11. Details of any letter or comments Not Applicable as on the date of this disclosure. regarding payment/non-payment of interest, principal on due dates, or any other matter concerning the security and /or the assets along with its comments thereon, if any; 12. Details of redemption of The NCDs shall be redeemed in accordance with the preference shares terms of issue on their respective maturity dates. indicating the manner of redemption (whether out of profits or out of fresh issue) and debentures 13. Any cancellation or termination Not Applicable as on the date of this disclosure. of proposal for issuance of securities including reasons thereof.