Outcome of the Meeting of Board of Directors, for reclassification of persons belonging to 'Promoter & Promoter Group' Category to 'Public' Category

RSPL/BSE/2026-27/ Date: September 28, 2026 BSE Limited Department of Corporate Services - Listing Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400001 BSE Code: 504903 Subject : Outcome of the Meeting of Board of Directors of Rathi Steel and Power Limited (“the Company”), for reclassification of persons belonging to ‘Promoter & Promoter Group’ Category to ‘Public’ Category pursuant to the provisions of Regulation 31A of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”). Dear Sir/Madam, With reference to the captioned subject and in terms of Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), we hereby inform your good office that the Board of Directors of Rathi Steel and Power Limited (“the Company”) at their Meeting held today, i.e., on Monday, September 28, 2026, has, inter-alia, considered and approved the following: The Request Letter received from DBG Leasing and Housing Limited (“DBG” /“Outgoing Promoter”) dated September 19, 2026, for their reclassification from ‘Promoter & Promoter Group’ Category to ‘Public’ Category, which shall be subject to the approval of stock exchange, shareholders and/or such other approval, if any, as may be necessary in this regard, in terms of the provisions of Regulation 31A of the Listing Regulations. The Meeting of the Board of Directors commenced at 2.50 pm and concluded at 4.05 pm In this regard and as per the provisions of Regulation 31A(8)(b) of the Listing Regulations, we are hereby enclosing the views of the board on the aforesaid reclassification in “Annexure I”. You are requested to kindly take the above information on your records. Thanking You, Yours Sincerely, For Rathi Steel and Power Limited Namita Lal Madan Company Secretary & Compliance Officer Annexure I VIEWS OF BOARD ON THE PROPOSED RE-CLASSIFICATION FROM ‘PROMOTER & PROMOTER GROUP’ CATEGORY TO ‘PUBLIC’ CATEGORY The Chairman informed the Board of Directors (“Board”) that the Company has received request letter dated September 19, 2026 from DBG Leasing and Housing Limited (“DBG”/ “Outgoing Promoter”) seeking re-classification of their shareholding from persons belonging to the ‘Promoter & Promoter Group’ Category to ‘Public’ Category under Regulation 31A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”). The Company intimated about the request letters received for reclassification to BSE Limited (“BSE”/ “Stock Exchange”) on Saturday, September 19, 2026. The Board was further informed that DBG underwent the Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 and the Hon’ble National Company Law Tribunal, New Delhi Bench-V, vide its order dated June 13, 2025, approved the Resolution Plan pursuant to which the Company has been taken over by the new management and the erstwhile promoters are no more in control of DBG, thus resulting in DBG being no longer under the management and control of its erstwhile promoters. The Board discussed and considered the fact that the aforementioned Outgoing Promoter, is not in control and management over the affairs of the Company, neither do they have any say in the management decisions of the Company. Also, as on the date of receipt of reclassification requests from the Outgoing Promoter, it has been noted that they hold less than 10% voting rights in the Company and do not possess any kind of special rights in the Company. The Board also noted that the Outgoing Promoter neither represents the board of directors (including as a nominee director) of the Company nor is acting as a Key Managerial Person in the Company. The Board also noted that the Outgoing Promoter is neither a ‘willful defaulter’ as per the Reserve Bank of India Guidelines nor a fugitive economic offender. The Board further noted that the Company is compliant with the requirement for Minimum Public Shareholding as required under Regulation 38 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the proposed reclassification is not being initiated for achieving the Minimum Public Shareholding. The trading in the shares of the company has not been suspended by the Stock Exchange. The Company does not have any outstanding due to the SEBI, the Stock Exchange or Depositories. Accordingly, on the basis of the rationale and the confirmation provided by them and in accordance with the provisions of Regulation 31A of the Listing Regulations, the Board was of the view that the above mentioned request for reclassification be accepted and approved by the Board of Directors of the Company, which shall be subject to the approval of stock exchange, shareholders and/or such other approval, if any, as may be necessary in this regard. For Rathi Steel and Power Limited Namita Lal Madan Company Secretary & Compliance Officer Date: September 28, 2026 Place: New Delhi