Strategic Review and Proposed Restructuring/Monetisation of Steel Plant, Plant and Machinery and Other Assets

SHAH ALLOYS LTD. Corp. Office: Shah Alloys Corporate House, Sola-Kalol Road, Santej, Ta. Kalol, Dist. Gandhinagar-382721 Reg. Office : 5/1, Shreeji House, 5th Floor, B/h. M. J. Library, Ashram Road, Ahmedaba d-380006, India Phone: 02764-352929, E-Mail: info@Shahalloys.com, Website: www.shahalloys.com DATE: 12.08.2026 Department of Corporate Service Manager BSE LIMITED Listing Department Phiroze Jeejeebhoy Tower, National Stock Exchange of India Ltd. Dalal Street, Exchange Plaza, Plot No C/1, G-Block, Mumbai - 400 001 Bandra – Kurla Complex, Bandra (E), Mumbai – 400051 BSE Scrip Code: 513436 NSE Symbol – SHAHALLOYS Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Strategic Review and Proposed Restructuring/Monetisation of Steel Plant, Plant & Machinery and Other Assets Ref: Outcome of the Meeting of the Board of Directors held on 12th August 2026 Dear Sir/Ma’am, The Board considered the Company's earlier decision regarding closure of the Iron & Steel Plant (Entire Plant) operations situated at Village Santej, Taluka-Kalol, District Gandhinagar, Gujarat, which was approved by the Board at its meeting held on 21 July 2025 and duly intimated to the Stock Exchanges. The Board noted that the existing plant and machinery had become aged and the technology had become obsolete and, consequently, the operations of the Plant had ceased to remain competitive and cost-effective. In continuation of the aforesaid decision and as part of the Company's strategic realignment, The Board approved the proposal to seek approval of the Members under Section 180(1)(a) of the Companies Act, 2013 in respect of the strategic alternatives relating to the Company’s Steel Plant undertaking and the proposed sale, lease, development, redevelopment, joint development or other monetisation of the Company’s land, buildings and other immovable assets. The detailed disclosure in this regard pursuant to Regulation 30 read with Part A of Schedule III of the SEBI LODR Regulations, 2015 is enclosed as Annexure A to this outcome. We Request you to take the above information on record. Thanking You, Yours faithfully, For & on behalf of Shah Alloys Limited Narayanlal F. Shah Company Secretary & Compliance Officer M. No. – A30225 Encl.: As mentioned above CIN: L27100GJ1990PLC014698 Factory: Block No.2221/2222, Shah Industrial Estate, Sola Kalol Road, Santej, Ta. Kalol, Dist. Gandhinagar-382721 SHAH ALLOYS LTD. Corp. Office: Shah Alloys Corporate House, Sola-Kalol Road, Santej, Ta. Kalol, Dist. Gandhinagar-382721 Reg. Office : 5/1, Shreeji House, 5th Floor, B/h. M. J. Library, Ashram Road, Ahmedaba d-380006, India Phone: 02764-352929, E-Mail: info@Shahalloys.com, Website: www.shahalloys.com ANNEXURE-A Disclosure under Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 A. Strategic Alternatives in relation to Steel Plant Undertaking Particulars Details Name of the entity to which the transaction Shah Alloys Limited relates Nature of transaction Proposal to seek approval of Members under Section 180(1)(a) of the Companies Act, 2013 for strategic alternatives in relation to the Company’s Steel Plant undertaking Details of the transaction The Company proposes to seek Members’ approval to enable the Board to consider, evaluate, negotiate, structure and implement, from time to time, one or more strategic alternatives in relation to the Company’s Steel Plant operations and undertaking, including induction of strategic/financial investors or technology partners, lease, relocation, sale, transfer or disposal of plant, machinery and other assets, joint ventures, strategic partnerships, technology arrangements, operating arrangements, management arrangements and other restructuring or commercial arrangements. Purpose / rationale To provide flexibility to evaluate and implement the alternative or combination of alternatives considered commercially, financially, operationally and strategically appropriate for optimum utilisation of the Company’s Steel Plant assets and resources. Valuation The Company has obtained a Valuation Report for Plant, Machinery and Equipment situated at its Santej location. The Fair Market Value reported by the Registered Valuer is ₹44,19,50,000/-. Valuer Mr. Vatsalraj J. Dabhi, B.E. (Mech), Chartered Engineer and IBBI Registered Valuer Registration No. IBBI/RV/02/2022/15167 Date of Valuation Report 30 April 2026 Valuation Date 31 March 2026 CIN: L27100GJ1990PLC014698 Factory: Block No.2221/2222, Shah Industrial Estate, Sola Kalol Road, Santej, Ta. Kalol, Dist. Gandhinagar-382721 SHAH ALLOYS LTD. Corp. Office: Shah Alloys Corporate House, Sola-Kalol Road, Santej, Ta. Kalol, Dist. Gandhinagar-382721 Reg. Office : 5/1, Shreeji House, 5th Floor, B/h. M. J. Library, Ashram Road, Ahmedaba d-380006, India Phone: 02764-352929, E-Mail: info@Shahalloys.com, Website: www.shahalloys.com Particulars Details Basis / Methodology Market Value; Cost Approach – Depreciated Replacement Cost Method Nature of valuation Indicative valuation for assessment and evaluation of the assets; not a minimum sale price or final transaction consideration. Expected date of completion Not ascertainable at this stage Consideration / transaction value Not ascertainable at this stage. No specific transaction has been finalized Buyer / counterparty No specific purchaser, strategic investor, technology partner, lessee or other counterparty has been identified or committed as on the date of disclosure. Related Party Transaction Not applicable at this stage. Any future transaction with a related party, if any, shall be subject to applicable laws and regulations Whether the transaction is a slump sale Not applicable at this stage Regulation 37A Not applicable at this stage; compliance shall be undertaken wherever applicable at the time of the relevant transaction Shareholders’ approval Approval of Members is proposed to be sought by way of Special Resolution at the 36th AGM Other material terms The Board may determine the consideration, price, lease rentals, investment amount, tenure, payment terms, valuation, technology arrangements, revenue-sharing arrangements and other commercial and contractual terms on a transaction-specific basis, subject to applicable laws and approvals. Clarification: The above valuation relates only to Plant, Machinery and Equipment situated at the Company’s Santej location and does not constitute a valuation of the Company’s land and buildings. Further, as on the date of this disclosure, the Company has not committed to any particular purchaser, strategic investor, technology partner, lessee, developer or other counterparty. CIN: L27100GJ1990PLC014698 Factory: Block No.2221/2222, Shah Industrial Estate, Sola Kalol Road, Santej, Ta. Kalol, Dist. Gandhinagar-382721 SHAH ALLOYS LTD. Corp. Office: Shah Alloys Corporate House, Sola-Kalol Road, Santej, Ta. Kalol, Dist. Gandhinagar-382721 Reg. Office : 5/1, Shreeji House, 5th Floor, B/h. M. J. Library, Ashram Road, Ahmedaba d-380006, India Phone: 02764-352929, E-Mail: info@Shahalloys.com, Website: www.shahalloys.com B. Sale / Lease / Development / Monetisation of Land, Buildings and Other Immovable Assets Particulars Details Nature of transaction Proposal to seek approval of Members under Section 180(1)(a) of the Companies Act, 2013 for sale, lease, development, redevelopment, joint development or other monetisation of the Company’s land, buildings and other immovable assets Details of transaction The Board proposes to be authorised to acquire, hold, develop, redevelop, construct upon, improve, lease, license, sell, transfer, convey, assign, exchange, monetise or otherwise deal with the Company’s land, buildings and other immovable properties, whether presently owned or subsequently acquired. Mode / structure Outright sale, lease, licence, development agreement, joint development agreement, joint venture, r [Showing first 8,000 characters — download PDF for full document]