Usha Martin Ltd. — Capital/Financing Update 2019

Jul 4, 2019

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Usha Martin Limited

Regd. Office: 2A, Shakespeare Sarani, Kolkata - 700 071, India Phone: (00 91 33) 71006300/599, Fax: (00 91 33) 2282 9029, 71006400/500 CIN : L3 l 400WB l 986PLC09 l 62 l Website: www.ushamartin.com

4[th] July 2019

UML/SECT/

The Secretary The BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai - 400 001 [Seri p Code: 51 7146]

The Secretary National Stock Exchange of India Ltd Exchange Plaza, 5[th ] Floor, Plot No.C/1, G Block, Bandra Kurla Complex, Bandra (E) Mumbai - 400 051 [Scrip Code: USHAMART]

Societe de la Bourse de Luxembourg 35A Bouleverd Joseph II L-1840, Luxembourg [Scrip Code: US9173002042]

Dear Sir/Madam,

This is in continuation of our earlier disclosures dated 22[nd ] September 2018 and 9[th ] April 2019 given pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and Circular dated 9 September 2015 on Continuous Disclosure Requirements issued by SEBI and in connection with Company's ongoing sale or disposal of Company's steel business undertaking ("Steel Business") inter alia includes specialized steel manufacturing plant, an operative iron ore mine, a coal mine under development and captive power plants, through a slump sale on a going concern basis to Tata Sponge Iron Limited ("TSIL") as per the terms and conditions of business transfer agreement on 22 September 2018 ("BT A").

We wish to inform that the Company has completed at the close of business on y[ct ] July 2019 the transfer of the operative iron-ore mine and coal mine under development to TSIL (except for ce1tain assets which would be transferred subsequently subject to fulfilment of ce1tain conditions precedent contained in the BTA and supplemental BT A dated 7[th ] April 2019). Corresponding hold back amount, referred in our earlier disclosure of 9[th ] April 2019, being pait of sale consideration calculated as per the terms of the BTA and supplemental BTA was discharged by TSIL in an Escrow Account maintained with the State Bank of India.

Since TSIL is not a pa1t of the Company's promoter and promoter group and therefore, such transfer is not a related pa1ty transaction.

This is for your information and record.

Thanking you,

Yours faithfully, For Usha Ma1tin Limited

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