Pursuant to Regulation 30 of SEBI ((Listing Obligations and Disclosure Requirements) Regulations, 2015 and resolution passed in the Annual General Meeting dated 29th September, 2023, announced that the Board of Directors of the Essar Shipping Limited at its meeting held on December 13, 2023 have considered and approved to issue and allot 32,000,000 1% Secured, Redeemable, Unlisted, and Non-Convertible Debentures ("NCDs") of face value INR 100 each through private placement by converting Unsecured Loan into the said NCDs. Tenure: Maximum period of 3 years. Date of Allotment: 13th November 2023.

Date of Maturity: 13th November 2026. NCDs shall get redeemed at values stated hereunder: At the option of holder after 6 months from the date of issue but before 9 month ­ at INR 100 per NCD. After 12 months from the date of issue but before 18 month ­ at INR 109 per NCD.

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

After 24 months from the date of issue but before 30 month ­ at INR 124 per NCD.