ESOP/ESOS/ESPS

October 06, 2026 Listing Department Listing & Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor Dalal Street, Mumbai – 400001 Plot No. C/1, "G" Block Scrip Code: 544029 Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 Symbol: GANDHAR Sub: Allotment of Equity Shares pursuant to exercise of Stock Options under Gandhar Stock Option Plan – 2022 (“ESOP Scheme”) Dear Sir/Ma’am, Pursuant to Regulation 30 read with Schedule III and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), and the applicable provisions of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (“SEBI SBEB & SE Regulations”), we wish to inform you that based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors of Gandhar Oil Refinery (India) Limited (“the Company”) have by way of Circular Resolution passed on October 6, 2026, approved the allotment of 9,290 (Nine Thousand Two Hundred and Ninety Only) Equity Shares of face value of Rs. 2/- (Rupees Two) each, at an exercise price of Rs. 168/- (Rupees One Hundred and Sixty-Eight Only) per share, inclusive of premium of Rs. 166/- (Rupees One Hundred and Sixty-Six Only) per share, to the eligible employees of the Company, upon exercise of vested options under the Gandhar Stock Option Plan – 2022. The aforesaid Equity Shares shall rank pari passu, in all respects with the existing equity shares of the Company. Pursuant to the aforesaid allotment of equity shares, the issued and paid-up equity share capital of the Company stands increased from Rs. 19,57,59,060/- (comprising of 9,78,79,530 equity shares of Rs. 2/- each) to Rs. 19,57,77,640/- (comprising of 9,78,88,820 equity shares of Rs. 2/- each). The statement under Regulation 10(c) of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 is enclosed as Annexure A. Further, the details required as per SEBI Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30 January 2026 is enclosed as Annexure-B. The aforesaid information will also be hosted on the Company's website at https://gandharoil.com/investor- relations/other-announcement-intimations/ We request you to kindly take the above information on record. Thanking you, Yours faithfully, For Gandhar Oil Refinery (India) Limited Binal Khosla Company Secretary and Compliance Officer Membership No.: A29802 Annexure- A Details as required to be furnished under Regulation 10(c) of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021: Sl. Disclosures Particulars 1. Company name and address of Gandhar Oil Refinery (India) Limited Registered Office: 18th Floor, DLH Park, S V Road, Near MTNL, Goregaon West, Mumbai 400062 2. Name of the Stock Exchanges on BSE Limited which the Company’s shares are National Stock Exchange of India Limited listed: 3. Filing date of the statement referred Filing date of the statement referred in regulation 10(b) in regulation 10(b) of the SEBI of the SEBI (Share Based Employee Benefits and (Share Based Employee Benefits Sweat Equity) Regulations, 2021 are as follows:- and Sweat Equity) Regulations, 1.National Stock Exchange Of India Limited:- October 2021 with Stock Exchange: 16, 2024. 2.BSE Limited:- October 16, 2024. 4. Filing Number, if any: 1.NSE: 44689 2.BSE: 214099 5. Title of the Scheme pursuant to Gandhar Stock Option Plan - 2022 which shares are issued, if any: 6. Kind of security to be listed: Equity 7. Par value of the shares: Rs. 2/- 8. Date of issue of shares: 6th October, 2026 9. Number of shares issued: 9,290 Equity shares 10. Share Certificate No., if applicable: Not Applicable 11. Distinctive number of the share, if 97879530 to 97888820 applicable: 12. ISIN Number of the shares if issued INE717W01049 in Demat: 13. Exercise price per share: Rs. 168/- 14. Premium per share: Rs. 166/- 15. Total Issued shares after this issue: 9,78,88,820 shares 16. Total Issued share capital after this Rs. 19,57,77,640/- issue: 17. Details of any lock-in on the shares: NA 18. Date of expiry of lock-in: NA 19. Whether shares identical in all Yes, all equity shares of the Company allotted pursuant respects to existing shares if not, to exercise of stock options shall rank pari-passu with when will they become identical: the existing equity shares of the Company 20. Details of listing fees, if payable Not Applicable Annexure- B Details required under Regulation 30 read with Schedule III of the Listing Regulations and as per SEBI Circular HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated 30 January 2026. Sl. Disclosures Particulars a) Brief details of The present instance relates to the allotment of 9,290 equity shares pursuant options granted to exercise of 9,290 vested Employee Stock Options under the Gandhar Employee Stock Option Plan- 2022 (“ESOP Plan”) b) Whether the scheme is Yes in terms of SEBI (SBEB) Regulations, 2021 (if applicable) c) Total number of The present disclosure relates to the allotment of 9,290 equity shares made shares covered by on 6th October, 2026, pursuant to exercise of Employee Stock Options. these options d) Pricing formula The exercise price is Rs.168/- per equity shares, as determined in accordance with terms of the Gandhar Employee Stock Option Plan- 2022. e) Options vested Not Applicable (As the present disclosure relates to the allotment of equity shares pursuant to the exercise of vested Employee Stock Options.) f) Time within which Not Applicable (As the present disclosure relates to allotment of equity option may be shares pursuant to exercise of vested Employee Stock Options) exercised g) Options exercised 9,290 Employee Stock Options have been exercised under the Gandhar Employee Stock Option Plan – 2022. h) Money realized by Rs.15,60,720/- exercise of options i) The total number of 9,290 equity shares shares arising as a result of exercise of option j) Options lapsed Not Applicable (As the intimation is towards allotment of shares pursuant to exercise of ESOPs) k) Variation of terms of Not Applicable options l) Brief details of The Employee Stock Options have been granted in accordance with the terms significant terms of the Gandhar Employee Stock Option Plan – 2022 and are subject to the applicable vesting conditions and exercise period specified under the ESOP Plan. m) Subsequent changes Not Applicable or cancellation or exercise of such options n) Diluted earnings per Not Applicable share pursuant to issue of equity shares on exercise of options