Send retrieve password notification email with custom HTML email template

It was achieved using two hooks.

1. retrieve_password_notification_email
2. retrieve_password_message

function ashad_retrieve_password_notification_email($defaults) {
    $defaults['headers'] = array('Content-Type: text/html; charset=UTF-8');
    return $defaults;
}
add_filter('retrieve_password_notification_email', 'ashad_retrieve_password_notification_email', 10, 3);

function ashad_reset_password_message($message, $key, $user_login, $user_data )    {
    $user_fullname = $user_data->user_firstname . ' ' . $user_data->user_last_name;
    $blog_name = get_bloginfo('name');
    $reset_url = network_site_url("wp-login.php?action=rp&key=$key&login=" . rawurlencode($user_login), 'login');
    ob_start();
    include(get_stylesheet_directory() .  '/templates/mail/password-change.php');
    $message = ob_get_clean();
    return $message;
}
add_filter("retrieve_password_message", "ashad_reset_password_message", 99, 4);

retrieve_password_notification_email hook is used to set the header of the email as HTML and the retrieve_password_message hook is used to set the message from the password-change.php template file.