Rhi Magnesita India Ltd - Clarification

This is with reference to your email dated 19.10.2022 on the captioned subject with respect to recent Spurt in Volume, seeking a response from the Company on the same. Kindly note that the Company has been on the lookout for business acquisitions in its core refractory business and in this connection has identified some potential business entities. A Board meeting was held yesterday on 18.10.2022 to consider and approve the execution of a Business Transfer Agreement (BTA) with Hi-Tech Chemicals Limited. The meeting was held after trading hours at a shorter notice and details of the BTA (including name of the entity whose business is being acquired) were disclosed and discussed in the meeting of the Board only to avoid any kind of speculation.