Independent Directors Committee (IDC) have submitted to BSE recommendations under Regulation 26(7) of SEBI (SAST) Regulations, 2011, for the Open Offer to Public Shareholders of Devinsu ....

DEVINSU TRADING LIMITED (CIN: L51900MH1985PLC036383) Registered Office: 2, Floor-1, Plot-90/94, Zaveri Mansion, Shaikh Memon Street, Zaveri Bazar, Kalbadevi, Mumbai-400002, Maharashtra, India. Contact No.: +91 98980 69723 | Email ID: devinsutrading@gmail.com | Website: www.devinsutrading.com Recommendations of the Committee of Independent Directors (“IDC”) on the Open Offer to the Public Shareholders of Devinsu Trading Limited (“Devinsu”/“Target Company”) under Regulation 26(7) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and subsequent amendments thereto (“SEBI (SAST) Regulations, 2011”). 1) Date August 12, 2026 2) Name of the Target Company (“TC”) Devinsu Trading Limited 3) Details of the Open Offer pertaining to Target The Open Offer is made by the Acquirers in terms of Regulations 3(1) and 4 of SEBI Company (SAST) Regulations, 2011 for acquisition of up to 1,52,880 fully paid-up Equity Shares having face value of `10 each representing 26.00% of Voting Share Capital of the Target Company at a price of `355.00 per Equity Share from the Eligible Equity Shareholders of the Target Company in terms of SEBI (SAST) Regulations, 2011. 4) Name of the Acquirers 1. Mr. Jaison Vijay Shah (“Acquirer 1”) 2. Mr. Mukesh Kumar Bothra (“Acquirer 2”) 3. Yora Gems & Jewellery Private Limited (“Yora”/“Acquirer 3”) 5) Name of the Manager to the Offer Mark Corporate Advisors Private Limited (SEBI Reg. No.: INM000012128) 6) Members of the Committee of Independent Directors 1. Mr. Umakant Kashinath Bijapur (DIN: 07269181) : Chairman 2. Mr. Sahil Jain (DIN: 11521946) : Member 3. Ms. Sangita Hiren Shukla (DIN: 11647378) : Member 7) IDC Member’s relationship with the TC (Director, IDC members are Independent Directors on the Board of the Target Company. They Equity Shares owned, any other do not have any Equity holding in the Target Company. They have neither entered contract/ relationship), if any into any other contract nor have other relationship with the Target Company. 8) Trading in the Equity Shares/other Securities of None of the members of the IDC have traded in any of the Equity Shares/ Securities the TC by IDC Members of the Target Company during the: (a)12 months period preceding the date of the PA; and (b)period from the date of the PA and till the date of this recommendation. 9) IDC Member’s relationship with the Acquirers None of the IDC members have any contract/relationship with the Acquirers. (Director, Equity Shares owned, any other contract/relationship), if any 10) Trading in the Equity Shares/other securities of Not Applicable. the Acquirers by IDC Members 11) Recommendation on the Open offer, as to whether Based on a review of the relevant information (as set out in the summary of reasons the offer is fair and reasonable for recommendation below), the IDC is of the opinion that the Offer Price of `355.00 per Equity Share is in accordance with the applicable regulations being SEBI (SAST) Regulations 2011 and accordingly, is fair and reasonable. 12) Summary of reasons for recommendation IDC has taken into consideration the following for making the recommendation: IDC has reviewed (a) The Public Announcement (“PA”) dated May 20, 2026 in connection with the Offer issued on behalf of the Acquirer; (b) The Detailed Public Statement (“DPS”) dated May 27, 2026; and (c) The Letter of Offer (“LoF”) dated August 04, 2026. Based on the review of PA, DPS and LoF, the IDC is of the opinion that the Offer Price of `355.00 per Equity Share for public shareholders offered by the Acquirers (more than the highest price amongst the selective criteria mentioned under Justification of Offer Price) is in line with the regulation prescribed by SEBI under the Regulations and prima facie appears to be justified. However, the Public Shareholders should independently evaluate the Offer and take informed decision in the matter. 13) Disclosure of Voting Pattern of IDC The recommendations were unanimously approved by the members of the IDC present at the meeting held on August 12, 2026. 14) Details of Independent Advisors, if any None 15) Any other matter(s) to be highlighted None To the best of our knowledge and belief, after making proper enquiry, the information contained in or accompanying this statement is, in all material respect, true and correct and not misleading, whether by omission of any information or otherwise, and includes all the information required to be disclosed by the Target Company under the SEBI (SAST) Regulations, 2011. For and on behalf of The Committee of Independent Directors of Devinsu Trading Limited Sd/- Umakant Kashinath Bijapur Date : August 12, 2026 Chairman-IDC Place : Mumbai (DIN: 07269181)