The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for GCM Capital Advisors Ltd

September 23, 2026 DM-Corporate Services BSE Limited P. J. Towers Dalal Street, Fort Mumbai – 400 001 Dear Sir, Re: Scrip Code: 530557 (NCL Research And Financial Services Ltd) Sub: Submission of details of Acquisition/Sale to Stock Exchange / Company u/r 29(2) Respected Sir, With reference to the above captioned matter, we are enclosing along with this letter, details of acquisition of shares to Stock Exchanges by Target Company, in terms of Regulation 29(2) (Disclosure under SAST Regulation 2011). Kindly take the same on your record & oblige. Thanking You, Yours Faithfully, For GCM Capital Advisors Limited Manish Baid, Director On behalf of Acquirers C. C. to: M/s. NCL Research And Financial Services Limited DISCLOSURES UNDER REGULATION 29(2) OF SEBI (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011 Name of the Target Company (TC) NCL RESEARCH AND FINANCIAL SERVICES LIMITED Name(s) of the Acquirer and Persons Acting in Concert GCM Capital Advisors Limited (PAC) with the Acquirer Rupasi Traders Private Limited Blue Lagoon Trading Private Limited Whether the Acquirer and PAC belong to the No Promoter/Promoter group Name(s) of the Stock Exchange(s) where the shares of BSE Limited TC are Listed Details of the acquisition / disposal as follows Number % w.r.t. total % w.r.t. share/voting total diluted capital share/voting wherever capital of applicable(*) the TC (**) Before the acquisition/ allotment/ disposal under consideration, holding of : a) Shares carrying voting rights 30,000 0.00% 0.00% b) Shares in the nature of encumbrance (pledge/ Nil Nil Nil lien/ non-disposal undertaking/ others) c) Voting rights (VR) otherwise than by equity Nil Nil Nil shares d) Warrants/convertible securities/ any other Nil Nil Nil instrument that entitles the acquirer to receive shares carrying voting rights in the TC (specify holding in each category) e) Total (a+b+c+d) 30,000 0.00% 0.00% Details of acquisition/ allotment/ sale: a) Shares carrying voting rights acquired/ sold 8,70,00,000 5.54% 5.54% b) VRs acquired/ sold otherwise than by equity Nil Nil Nil shares c) Warrants/convertible securities/ any other Nil Nil Nil instrument that entitles the acquirer to receive shares carrying voting rights in the TC (specify holding in each category) acquired/ sold d) Shares encumbered / invoked/released by the Nil Nil Nil acquirer e) Total (a+b+c+d) 8,70,00,000 5.54% 5.54% After the acquisition/ allotment/ sale, holding of: a) Shares carrying voting rights 8,70,30,000 5.54% 5.54% b) Shares encumbered with the acquirer Nil Nil Nil c) VRs otherwise than by equity shares Nil Nil Nil d) Warrants/ convertible securities/ any other Nil Nil Nil instrument that entitles the acquirer to receive shares carrying voting rights in the TC (specify holding in each category) after acquisition/ sale e) Total (a+b+c+d) 8,70,30,000 5.54% 5.54% Mode of acquisition/ allotment/ sale (e.g. open Allotment (Right Issue) market/ off-market/ public issue/ rights issue/ preferential allotment / inter-se transfer etc.) Date of acquisition / sale or date of receipt of 21st September 2026 intimation of allotment of shares/ VR/ warrants/ convertible instruments/ any other instrument that entitles the acquirer to receive shares in the TC Equity share capital / total voting capital of the TC ` 107.0328 Crore before the said acquisition/ allotment/ sale Equity share capital/ total voting capital of the TC after ` 156.98144 Crore the said acquisition/ allotment/ sale Total diluted** share/voting capital of the TC after the ` 156.98144 Crore said acquisition/ allotment/ sale (*) Total share capital/ voting capital to be taken as per the latest filing done by the company to the Stock Exchange under Clause 35 of the listing Agreement. (**) Diluted share/voting capital means the total number of shares in the TC assuming full conversion of the outstanding convertible securities/warrants into equity shares of the TC. For GCM Capital Advisors Limited Manish Baid, Director DIN: 00239347 Place: Mumbai Date: September 23, 2026 Part-B*** Name of Target Company: NCL Research And Financial Services Ltd Name(s) of the acquirer and Persons Whether the acquirer PAN of the acquirer and/ or Acting in Concert (PAC) with the belongs to Promoter/ PACs acquirer Promoter group GCM Capital Advisors Limited No AAFCG1712P RUPASI TRADERS PRIVATE LIMITED No AADCR1908C BLUE TRADING PRIVATE LIMITED No AADCB1014B Signature of the Acquirers Place: Mumbai Date: September 23, 2026