Usha Martin has completed the sale of its steel business to Tata Sponge Iron (except for transfer of an operative iron ore mine, coal mine under development and some of the assets which would be transferred subsequently subject to fulfilment of certain conditions precedent contained in the business transfer agreement and supplemental business transfer agreement dated 07 April 2019.

Saleconsideration for steel business Rs. 4525 crore reduced by estimated Net Working Capital on the closing date (9 April 2019) andcertain holdback amounts for the assets not transferred was discharged by TSIL in an Escrowaccount maintained with State Bank of India.

Since TSIL is not a part of the Company's promoter and promoter group and therefore, suchtransfer is not a related party transaction.

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Usha Martin announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 30 March 2019.

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Net Loss of Usha Martin reported to Rs 37.43 crore in the quarter ended December 2018 as against net loss of Rs 111.60 crore during the previous quarter ended December 2017. Sales rose 23.93% to Rs 615.41 crore in the quarter ended December 2018 as against Rs 496.57 crore during the previous quarter ended December 2017.

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Usha Martin will hold a meeting of the Board of Directors of the Company on 5 February 2019.

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