Pennar Industries Limited pertaining to outcome of the board meeting giving information regarding approval of the Board of Directors of the Company for incorporation of wholly-owned subsidiary in India, the company informed
that a wholly-owned subsidiary of the Company has been incorporated in India on 22 June, 2023. This subsidiary is a private company limited by shares and named as "Pennar Metals Private Limited". Objects and effects of acquisition: The company undertake procurement and manufacturing of steel products. Cost of acquisition or the price at which the shares are acquired: INR 1,00,000/- as Share Capital Contribution.