Essar Shipping Limited informed that the Board of Directors of the Company at its meeting held on August 25, 2023, has inter alia considered and approved the following matters: Issue upto 400,00,000 1% Non-Convertible Debentures (herein referred as "NCDs") of Face value of INR 100 each, in one or more tranches, subject to the approval of shareholders and in accordance with the provisions of the Securities and Exchange Board of India and the Companies Act, 2013 and the rules made thereunder, as amended and other applicable laws. Type of securities proposed to be issued: 4,00,00,000 1% Secured, Redeemable, Unlisted, Unrated, Non-Convertible Debentures (herein referred as NCDs) of face value of INR 100 each. Size of the issue: Up to INR 400,00,00,000.

The NCDs shall not be listed on any stock exchange. The said NCD's will be allotted subject to approval of shareholders, the date is not yet decided. NCDs is proposed to carry interest at 1% per annum payable annually.

The NCDs shall be secured by first charge on all current assets, receivables and Arbitration award receivable from Steel Authority of India Limited (SAIL) of the Issuer. NCDs shall get redeemed at values stated hereunder At the option of holder: After 6 months from the date of issue but before 9 months - at INR 100 per NCD. After 12 months from the date of issue but before 18 months - at INR 109 per NCD.

After 24 months from the date of issue but before 30 months - at INR 118 per NCD. At the option of the issuer After 6 months from the date of issue but before 9 months - at INR 106 per NCD. After 12 months from the date of issue but before 18 months - at INR 115 per NCD.

After 24 months from the date of issue but before 30 months - at INR 124 per NCD. All outstanding NCDs shall get redeemed at the end of 36 months from the date of issue at INR 130 per NCD.