Hester Biosciences Ltd — Capital/Financing Update 2023

May 17, 2023

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17 May 2023

To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Bandra - Kurla Complex, Mumbai 400 001 Bandra (E), Mumbai 400 051 Scrip Code: 524669 Symbol: HESTERBIO

Dear Sir/ Madam:

Subject: Outcome of Board Meeting

This is with reference to our letter dated 9 May 2023 intimating the date of the Board Meeting for consideration of the Standalone and Consolidated Audited Financial Results for the quarter and year ended 31 March 2023 and to consider the declaration of dividend, if any, on the equity shares of the Company for the financial year 2022-23.

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that Board of Directors, in their Meeting held today, have approved the followings:

• 1. Audited Standalone and Consolidated Financial Results for the quarter and year ended 31 March 2023, as recommended by Audit Committee and the Audited Standalone and Consolidated Financial Statements for the year ended 31 March 2023.

Pursuant to Regulation 33 (3) (d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended time to time), we hereby state that the Statutory Auditors of the Company, Chandulal M. Shah & Co., Chartered Accountants (FRN: 101698W) have issued an Audit Report with unmodified opinion on the Audited Standalone and Consolidated Financial Results of the Company for the financial year ended on 31 March 2023.

• 1. Recommended dividend of INR 8 (eight) per equity share of INR 10 each (80%) for the financial year 2022-23, subject to approval of members at the ensuing Annual General Meeting.
• 1. Re-appointment of Chandulal M. Shah & Co., Chartered Accountants (FRN: 101698W), Ahmedabad, as a Statutory Auditor of the Company for second term of 5 (five) consecutive years to hold office from the conclusion of the 36[th] Annual General Meeting till the conclusion of 41[st] Annual General Meeting of the Company, as recommended by Audit Committee, subject to approval of members at the ensuing annual general meeting.

Further, the details as required under Regulation 30 read with Schedule III of the Listing Regulations and SEBI Circular No. CIR/CFD/CMD/4/2015 dated 9 September 2015 is enclosed herewith as Annexure.

• We attach herewith:

• 1. The approved standalone and consolidated audited financial results and auditors’ reports 2) A Press Release issued in this regard

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We will be publishing an extract of the results in the newspaper as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board Meeting commenced at 11:35 a.m. (IST) and concluded at 12:43 p.m. (IST).

We shall inform you in due course the date on which the Company will hold its Annual General Meeting for the year ended 31 March 2023 and the date from which dividend, if approved by the shareholders, will be paid or warrants thereof dispatched to the shareholders.

You are requested to take the above information on your record.

Sincerely

For Hester Biosciences Limited

Digitally signed VINOD by VINOD MALI Date: MALI 2023.05.17 13:16:50 +05'30'

Vinod Mali Company Secretary & Compliance Officer

Enclosure: As above

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Annexure

The details as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are as follows:

RE-APPOINTMENT OF CHANDULAL M. SHAH & CO., CHARTERED ACCOUNTANTS (FRN: 101698W), AHMEDABAD, AS A STATUTORY AUDITOR

Reason for change	: Recommendation for re-appointment for second term of 5 (five)
(Re-appointment)	consecutive years
Date and term of re-	: Re-appointment as statutory auditors of the Company for second
appointment	term of 5 (Five) consecutive years with effect from conclusion of the
	36thAnnual General Meeting till the conclusion of the 41stAnnual
	General Meeting of the Company, subject to the approval of
	members at the ensuing Annual General Meeting.
Brief profile	: Chandulal M. Shah & Co., Chartered Accountants, Ahmedabad (Firm
	Registration No. 101698W), was established in 1942 and is a
	partnership firm. The Firm has a valid Peer Review certificate issued
	by the ICAI and primarily engaged in audit and assurance services,
	which include multinational enterprises as well as Indian Listed
	Entity.