Race Eco Chain Limited has reported two significant corporate developments: the resignation of its Chief Financial Officer (CFO) Mr. Piyanshu Sharma, effective from the closing hours of 12 May 2026, and an investment of ₹2 Crore by its subsidiary Ganesha Recycling Chain in step-down subsidiary Gem Polymers through the acquisition of 200,000 equity shares at face value. Both disclosures were made in compliance with applicable regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

CFO Resignation

Mr. Piyanshu Sharma has stepped down from the position of Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of Race Eco Chain Limited, citing personal commitments requiring his attention. He confirmed in his resignation letter that there are no other material reasons for his resignation beyond those stated therein. The key details of the resignation, as disclosed by the company, are summarised below:

Race Eco Chain placed on record its appreciation for the services rendered by Mr. Piyanshu Sharma and acknowledged his contribution during his tenure as CFO, noting that he has had a significant contribution to its growth. The company has stated that it is in the process of identifying and appointing a suitable candidate for the position of CFO and KMP, and the appointment, once finalised, will be intimated to the stock exchanges in accordance with applicable regulations.

Subsidiary Investment in Gem Polymers

In a separate development, Race Eco Chain's subsidiary Ganesha Recycling Chain has invested ₹2 Crore in step-down subsidiary Gem Polymers through the purchase of 200,000 equity shares at face value. The key details of the investment are outlined below:

Regulatory Compliance

The resignation intimation was filed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI master circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The disclosure was signed by Shiwati, Company Secretary and Compliance Officer of Race Eco Chain Limited.

Race Eco Chain Limited has announced a strategic investment of ₹1.02 crore in its subsidiary Ganesha Recycling Chain Private Limited, reinforcing its commitment to expanding operations in the recycling sector. The investment was executed through subscription to a rights issue, with the company receiving an allotment of 1,02,000 equity shares on May 2, 2025. The disclosure was filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Investment Details and Share Allotment

The transaction maintains Race Eco Chain Limited's controlling stake in the subsidiary at 51% ownership. The investment was structured as a cash consideration through rights issue subscription, demonstrating the parent company's continued confidence in the subsidiary's business prospects.

Subsidiary Company Profile

Ganesha Recycling Chain Private Limited operates as a focused recycling business entity within Race Eco Chain's portfolio. The subsidiary was incorporated on September 10, 2024, establishing its presence in India's growing recycling industry.

Regulatory Compliance and Transaction Structure

The investment falls under related party transactions as defined by SEBI regulations, given the subsidiary relationship between the entities. Race Eco Chain Limited confirmed that the transaction was conducted on an arms-length basis, ensuring compliance with regulatory requirements.

Key regulatory aspects of the transaction include:

• Compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements
• Arms-length transaction basis maintained
• No additional governmental or regulatory approvals required
• Full disclosure provided to stock exchanges

Strategic Business Expansion

The investment aligns with Race Eco Chain Limited's corporate objectives to strengthen its position in the recycling sector. As part of the company's overall business expansion strategy, this additional funding is expected to support Ganesha Recycling Chain's operational development and market presence in India's recycling industry. The transaction represents Race Eco Chain's continued commitment to building a comprehensive recycling ecosystem through its subsidiary operations, leveraging the growing opportunities in India's waste management and recycling sectors.