Elgi Equipments Ltd. — Capital/Financing Update 2023

Mar 14, 2023

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National Stock Exchange of lndia Ltd. Exchange Plaza C-1, Block G Bandra Kurla Complex Bandra (E), Mumbai - 400 051

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001

Through : NEAPS

Through : BSE Listing Centre

Dear Sir/Madam,

Subject: Intimation of acquisition of shares by Elgi Compressors USA Inc, Company’s wholly owned subsidiary NSE Scrip Code: ELGIEQUIP / BSE Scrip Code: 522074

In continuation to our earlier communication dated March 10, 2023, and pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the Company’s wholly owned subsidiary Elgi Compressors USA Inc., USA has acquired 33.33% of the share capital of CS Industrial Services LLC on March 13, 2023.

The disclosures as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015, is given in Annexure is enclosed.

Kindly acknowledge receipt of this letter and update your records.

Thanking you,

Yours truly,

For Elgi Equipments Limited

PRAKASH Digitally signed by PRAKASH SIVASAM SIVASAMY Y Date: 2023.03.14 15:54:25 +05'30'

S Prakash Company Secretary

Encl.: a/a

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Annexure

Annexure
Name of the target entity, details in brief such as size, turnover etc.,	Name: “CS Industrial Services LLC” Authorised Capital: Class A : USD 1,00,000 Class B shares : USD 25,000 Turnover: NIL
Whether the acquisition would fall within related party transactions and whether the promoter / promoter group / group companies have any interest in the entity beingacquired	Not Applicable
Industry to which the entity beingacquired belongs	Capital Goods - Air Compressors and its accessories and spares
Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity)	CS Industrial Services LLCwill act as an exclusive dealer / distributor for Elgi Compressors USA Inc, for sale of ELGi branded compressors in Western New York region.
Brief details of any governmental or regulatory approvals required for the acquisition	None
Indicative time period for completion of the acquisition	March 13, 2023
Nature of consideration – whether cash consideration or share swap and details of the same	Cash
Cost of acquisition or the price at which the shares are acquired	Class A shares: USD 1,00,000 Class B shares: USD 25,000
Percentage of shareholding / control acquired and / or number of shares acquired	33.33%
Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief)	CS Industrial Services LLCwill act as an exclusive dealer / distributor for Elgi Compressors USA Inc, for sale of ELGi branded compressors in Western New York region.CS Industrial Services LLC is yet to commence business operations. Turnover for the last three years - Not Applicable

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