Outcome of the Meeting of Committee of Independent Directors ('IDC') of Aar Shyam India Investment Company Limited ('Target Company') held today i.e. Wednesday October 14, 2026

AAR SHYAM INDIA INVESTMENT COMPANY LIMITED October 14, 2026 BSE Limited Corporate Relationship Department Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001 Name of Scrip: Aar Shyam India Investment Company Limited Scrip Code: 542377 Dear Sirs, Sub: Outcome of the Meeting of Committee of Independent Directors (“IDC”) of Aar Shyam India Investment Company Limited (“Target Company”) held today i.e. Wednesday October 14, 2026 In terms of Regulation 30 and other applicable Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the IDC, at their meeting held today, Wednesday, October 14, 2026, has considered the Open Offer collectively made by Mr. Radha Krishna Avudari (“Acquirer 1”), Mrs. Sudha Rani Avudari (“Acquirer 2”) and Mr. Nagabhyru Srikanth (“Acquirer 3”), (hereinafter collectively referred to as “Acquirers”), to the Public Shareholders of Aar Shyam India Investment Company Limited (“Target" or “Target Company”) for acquisition of upto 58,43,327 (Fifty-Eight Lakh Forty-Three Thousand Three Hundred Twenty-Seven) Equity shares representing 26% of the Emerging Paid-Up Equity Share Capital of the Target Company, under Regulation 26(7) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereof (“SEBI SAST Regulations”). The IDC is of the opinion that, the Offer Price of Rs. 15/- (Rupees Fifteen Only) per Equity Share offered by the Acquirers, being the highest price amongst the selected criteria is in acordance with the SEBI SAST Regulations and prima facie appears to be fair and reasonable. The recommendations were unanimously approved by the Members of the IDC. Pursuant to Regulation 26(7) of SEBI SAST Regulations, the recommendation of the IDC, shall be published, in the same newspapers on Thursday i.e. October 15, 2026, where the Detailed Public Statements (“DPS”) w.r.t the Open Offer was published, i.e.: S. No. Name of the Newspaper Edition 1. Financial Express (English) All Editions 2. Jansatta (Hindi) All Editions 3. Pratahkal (Marathi) Mumbai Published copies of the recommendation of the IDC shall be made available to you in due course. The report of the Committee is enclosed as Annexure 1. The meeting commenced at 12:30 P.M and concluded at 12:50 P.M. Kindly take the above information on record. Thanking You, Yours Faithfully, For AAR SHYAM INDIA INVESTMENT COMPANY LIMITED (POOJA MANISH PANDEY) Chairman of the IDC DIN: 11607151 Regd. Office: no 920, 9th Floor Kirti Shikar Building Dist. Centre Janakpuri, New Delhi – 110058 Corp. Office: Office No. 403, 4th Floor, City Centre Mall, Plot No. 5, Sector-12, Dwarka, New Delhi – 110078. CIN: L47219DL1983PLC015266, Email Id: info@aarshyam.in Website: www.aarshyam.in Ph. No: 91 11 45626909 AAR SHYAM INDIA INVESTMENT COMPANY LIMITED Annexure 1 Recommendation of the Committee of Independent Directors, constituted by the Board of Directors of Aar Shyam India Investment Company Limited (hereinafter referred to as “IDC”) on the Open Offer made by Mr. Radha Krishna Avudari (“Acquirer 1”), Mrs. Sudha Rani Avudari (“Acquirer 2”) and Mr. Nagabhyru Srikanth (“Acquirer 3”), (hereinafter collectively referred to as “Acquirers”) to the Public Shareholders of Aar Shyam India Investment Company Limited (“Target" or “Target Company” or “Aar Shyam”) for acquisition of upto 58,43,327 (Fifty-Eight Lakh Forty-Three Thousand Three Hundred Twenty-Seven) Equity Shares representing 26% of the Emerging Paid-Up Equity Share Capital of the Target Company, under Regulation 26(7) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereof (“SEBI SAST Regulations”) 1. Date October 14, 2026 2. Name of the Target Aar Shyam India Investment Company Limited Company (TC) 3. Details of the Offer The Offer is being made by the Acquirers in terms of Regulation 3(1) pertaining to the TC and Regulation 4 read with other applicable provisions of the SEBI SAST Regulations for the acquisition of upto 58,43,327 (Fifty-Eight Lakh Forty-Three Thousand Three Hundred Twenty-Seven) Equity Shares of Rs. 10 each of the Target Company, representing 26% of the Emerging Paid-Up Equity Share Capital of the Target Company at a price of Rs. 15/- (Rupees Fifteen only), payable in cash. 4. Name of the Acquirer(s) Mr. Radha Krishna Avudari (“Acquirer 1”), Mrs. Sudha Rani Avudari (“Acquirer 2”) and Mr. Nagabhyru Srikanth (“Acquirer 3”), (Hereinafter collectively referred to as “Acquirers”) 5. Name of the Manager to the Turnaround Corporate Advisors Private Limited Offer SEBI Regn. No.: MB/INM000012290 Registered Office: 614, Vishwadeep Building, Plot No. 4, District Centre, Janakpuri, New Delhi- 110058 Corporate Office: First Floor, C-966, Shushant Lok-1, Sector 43, DLF QE, Gurgaon, Haryana, India-122002 Tel. No.: +91-11-45510390 Contact Person: Mr. Heemadri Mukerjea Email id: info@tcagroup.in Website: www.tcagroup.in 6. Members of the Committee of Independent Directors 1. Ms. Pooja Chairperson of the IDC and Non- (IDC) Manish Pandey Executive Independent Director 2. Ms. Saloni Member of the IDC and Non- Mehra Executive Independent Director 3. Ms. Renu Kaur Member of the IDC and Non- Executive Independent Director 7. IDC Member's relationship None of the Members of the IDC hold any Equity Shares in the with the TC (Director, Target Company nor have any relationship with the other Directors Equity Shares owned, any of the Target Company and apart from being the Directors of the other contract /relationship), Target Company they are not related to each other in any manner. if any 8. Trading in the Equity None of the members of the IDC holds any Equity Shares of the Shares/ other Securities of Target Company and therefore have not traded in the Equity Shares the TC by IDC Members of the Target Company. 9. IDC Member's relationship None of the IDC Members have any contract/relationship with the with the Acquirers Acquirers. (Director, Equity Shares owned, any other contract/relationship), if any Regd. Office: no 920, 9th Floor Kirti Shikar Building Dist. Centre Janakpuri, New Delhi – 110058 Corp. Office: Office No. 403, 4th Floor, City Centre Mall, Plot No. 5, Sector-12, Dwarka, New Delhi – 110078. CIN: L47219DL1983PLC015266, Email Id: info@aarshyam.in Website: www.aarshyam.in Ph. No: 91 11 45626909 AAR SHYAM INDIA INVESTMENT COMPANY LIMITED 10. Trading in the Equity Shares Not Applicable of Acquirers and/or PACs by IDC Members 11. Recommendation on the IDC is of the opinion that the Open Offer is fair and reasonable. Open Offer, as to whether the offer is fair and reasonable 12. Summary of reasons for IDC has evaluated the Public Announcement, Detailed Public recommendation Statement, Letter of Offer issued/submitted by Turnaround Corporate Advisors Private Limited (“Manager to the Offer”) for and on behalf of the Acquirers and believe that the Offer Price of Rs. 15/- (Rupees Fifteen only) offered by the Acquirers, being the highest price amongst the selected criteria is in line with the SEBI SAST Regulations, prima facie appears to be fair and reasonable. The Eligible Shareholders of the Target Company are advised to independently evaluate the Open Offer and the market performance of the Target Company's scrip and take an informed decision about tendering the Equity Shares held by them in the Open Offer. The statement of recommendation will be available on the website of the Target Company www.aarshyam.in 13. Disclosure of Voting Pattern The recommendations were unanimously approved by the Members of the IDC Meeting of the IDC 14. Details of Independent Nil Advisors, if any 15. Any other matter to be Nil highlighted “To the best of our knowledge and belief, after making proper enquiry, the information contained in or accompanying this statement is, in all material respects, true and correct and not misleading, whether by omission of any information or otherwise, and includes all the informat [Showing first 8,000 characters — download PDF for full document]