The Board of Directors (the "Board") of GI Engineering Solutions Limited in their meeting held on December 26, 2022 at the Registered Office of the Company, has approved the fund raising through Right Issue of equity shares for an aggregate amounting up to not exceeding Rs. 50 Crore (Rs. Fifty Crores Only), on such terms, to be decided by the Board or a duly constituted committee of the Board at a later date.