DCW Ltd. — Capital/Financing Update 2023

Dec 5, 2023

National Stock Exchange of India Ltd.	BSE Limited
Exchange Plaza Bldg.	Department of Corporate Services,
5th Floor, Plot No.C-1	1st floor, New Trading Ring
'G' Block, Near Wockhardt,	Rotunda Building,
Bandra Kurla Complex	Phiroze Jeejeebhoy Towers,
Mumbai 400 051	Dalal Street, Mumbai -400 001
·Fax:26598237 /38	Fax:22723121/3719/2037/2039
Symbol: DCW	Scrip Code: 500117

Dear Sir(s)/Madam,

To,

Sub: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Execution of Share Subscription and Shareholders' Agreement

Further to our intimation dated November 6, 2023 for execution of Power Purchase Agreements with Kaze Renewables Private Limited ("SPV" / "Power Producer") to establish two Renewable Power Plants in Tamil Nadu having combined caplive capacity uf 44.5 MWp under Captive Power Scheme ("Project"), we would like to inform you that, DCW Limited ("the Company") on December 5, 2023, executed a Share Subscription and Shareholders' Agreement ("SSSHA") with Kaze Renewables Private Limited and Cleantech Solar India OA 2 Pte. Ltd. for subscribing 24,41,875 Equity Shares of face value of Rs. 10/- (Rupees Ten Only) each at a premium of Rs. 70/- (Rupees Seventy Only) ("Equity Shares") which is equivalent to 28.96 % of the paid-up capital of SPV, as captive user of the Project.

Pursuant to the subscription of Equity Shares, SPV will become an 'associate' of the Company.

Accordingly, please find enclosed herewith disclosure as required under Regulation 30 Para B of Part A of Schedule III of the LODR read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P /CIR/2023/123 dated July 13, 2023 as Annexure A to this letter.

Yours faithfully,

For DCW Limited

DILIP VISHNUBHAI Digitally signed by DILIP VISHNUBHAI DARJI

Date: 2023.12.05 19:48:56 +05'30'

DARJI

Dilip Darji Sr. General Manager (Legal) & Company Secretary Membership No. ACS-22527 Encl:A/a

DCW LIMITED

HEAD OFFICE : "NIRMAL" 3RD FLOOR, NARIMAN POINT, MUMBAl-400 021. TEL.: 2287 1914, 2287 1916, 2202 0743 TELEFAX: 22 2202 8838 REGISTERED OFFICE: DHRANGADHRA- 363 315 (GUJRAT STATE) Email: ho@dcwltd.com, Website: www.dcwitd.com, CIN-L24110GJ1939PLC000748

ANNEXUREA

Sr. No.	thatneedtobeDetailsofEventsprovided	Information of such events(s)
a)	Name of the target entity, details in briefsuch as size, turnover etc.;	KazeRenewablesPrivateLimited"Power Producer"), is an("SPV" /onIndianCompany,incorporatedMarch 18, 2023 and intends to setupsolar project and generate solar power.
		Turnover: NIL (SPV was incorporatedon March 18,and is yet to2023commence business).
b)	Whethertheacquisitionwouldfallwithin related party transaction(s) andwhetherthepromoter/promotergroup/groupcompanieshaveanyinterest in the entity being acquired?	ExecutionoftheSSSHAandsubscription of Ey_uity Shares of SPVdoes not fall within the purview ofrelated party transactions.
	If yes, nature of interest and detailsthereof and whether the same is done at"arm's length";	The promoter /promoter group /group companies of the Company donot have any interest in the entitywhoseEquitysharesarebeingacquired.
c)	Industrytowhichtheentitybeingacquired belongs;	Solar Power Generation
d)	andObjectseffectsofacquisition(including but not limited to, disclosureof reasons for acquisition of target entity,if its business is outside the main line ofbusiness of the Company);	Subscription of equity Shares in SPVwill enable the Company to consumesolar power generated by SPV as a'captive user'.The SPV will establish two RenewablePower Plantsin TamilNaduhavingcombined captive capacity of 44.5 MWpunder Captive Power Scheme, which willenable the Company to source solarpowerthefromsaidSPVforitsmanufacturing plant(s) located in theState of Tamil Nadu.

DCW LIMITED

HEAD OFFICE : "NIRMAL" 3RD FLOOR, NARIMAN POINT, MUMBAl-400 021. TI:L.: 2287 1914, 2287 1916, 2202 0743 lELEFAX: 22 2202 8838 REGISTERED OFFICE: OHRANGAOHRA-363 315 (GUJRAT STATE) Email: ho@dcwltd.com, Website: www.dcwltd.com, CIN-L24110GJ1939PLC00074

Sr. No.	DetailsofEventsthatprovided	nMl+ll'q,1.I !+JI Tnfrwmation of such events(s)I
e)	Brief details of any governmental orregulatory approvals required for theacquisition;	Not Applicable
f)	Indicative time period for completion ofthe acquisition;	On orbeforeDecember31,2023,subject to the completion of conditioninprecedentsasenumeratedtheSSSHA.
g)	Nature of consideration -whether cashconsideration or share swap and detailsof the same	The consideration would be paid mcash (in one or more tranches).
h)	Cost of acquisition or the price at whichthe shares are acquired;	upTheCompanywillacquireto24,41,875Equity Shares of face valueof Rs. 10/-(Rupees Ten Only) each atapremiumof70 / -(RupeesRs.SeventyOnly)amountingtoRs.19,53,50,000 (Rupees Nineteen CroreFifty Three Lakh Fifty Thousand only).
i)	Percentage of shareholding /controlacquired and /or number of sharesacquired;	upTheCompanywillacquireto24,41,875EquityShareswhichisequivalent to 28.96% of the paid upcapital of SPV.
j)	Briefbackgroundabouttheentityacquired in terms of products/line ofbusiness acquired, date of incorporation,history of last 3 years turnover, countryinhaswhichtheacquiredentityandanypresenceothersignificantinformation (in brief)	anSPVisIndiancompany,onincorporated18thMarch2023which intends to setup Solar Park andgenerate solar power.SPV is subsidiary of Cleantech SolarIndia OA 2 Pte. Ltd.
		Market Presence: IndiaTurnover for the last 3 years: NotApplicable

DCW LIMITED