Press Release December 26, 2024 ECAP EQUITIES LIMITED (ERSTWHILE EDEL LAND LIMITED) Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Non Convertible Debentures (NCD)	775.00	ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications	-
Non Convertible Debentures (NCD)	1410.20	PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications	-
Commercial Paper (CP)	500.00	-	ACUITE A1+ | Reaffirmed | Rating Watch with Negative Implications
Total Outstanding	2685.20	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE A+’ (read as ACUITE A plus) on the Rs. 775.00 Cr. non convertible debentures of ECAP EQUITIES LIMITED (ERSTWHILE EDEL LAND LIMITED).  The rating continues to be under watch with negative implications. Acuité has reaffirmed the long-term rating of ‘ACUITE PP-MLD A+’ (read as ACUITE Principal Protected Market Linked Debentures A plus)  on the Rs. 1410.20 Cr. principal protected market linked debentures of ECAP EQUITIES LIMITED (ERSTWHILE EDEL LAND LIMITED).  The rating continues to be under watch with negative implications Acuité has reaffirmed the short term rating of ‘ACUITE A1+’ (read as ACUITE A one plus) on the Rs. 500 Cr. commercial paper of ECAP EQUITIES LIMITED (ERSTWHILE EDEL LAND LIMITED).  The rating continues to be under watch with negative implications. Rationale for the rating: Acuite acknowledges the divestment of a 7.14 percent  stake in Nuvama Wealth Management Limited by Edelweiss Financial Services Limited for Rs 1,759 crore. Additionally, Acuite notes the Reserve Bank of India's (RBI) decision to lift the business restrictions previously imposed on ECL Finance Limited and Edelweiss Asset Reconstruction Company Limited. Acuite team has taken cognizance of this development and are still in the process of assessing the business and financial impact on the ARC business. Acuité will keep on monitoring the same for its implications on the operational and financial performance  of the company along with impact on financial flexibility. The rating continues to derive its strength from increase in earnings from operating activities which stood at Rs. 528.04 Cr. in FY24   from Rs. 405.56 Cr. in FY23. The earning profile is largely supported by fair value gains from asset revaluation. The management continues to focus primarily on fee-based businesses, accordingly, there has been a consistent decline in the group loan book along with ongoing concerns on the asset quality of the existing lending portfolio, particularly its wholesale book which is concentrated towards real estate assets. The stage 3 assets in the lending portfolio stood at Rs. 720 Cr. (13.00%) as on March 31, 2024 from Rs. 794 Cr. (10.52%) as on March 31, 2023 (As per the revised data provided by the group). Nevertheless, the rating continues to factor Edelweiss Group’s established track record in financial services, adequate capitalization levels and comfortable liquidity profile. The rating takes cognizance of the Group’s strategic intent on re-building its retail loan franchise with focus on the co-origination model, which will keep it asset light and provides granularity to loan portfolio. The rating factors in the growth in the Mutual Fund AUM, Alternative assets and the growth in number of policies issued in the insurance business. Acuite also notes that the insurance business has reached an Embedded Value breakeven, but it is expected to take a few more years and infusions from the parent before turning profitable. The rating also takes into consideration the group’s reducing debt and demonstrated resource raising ability. Acuité believes demonstrating sustainable improvement in profitability from the regular course of business operations and revenue streams in the evolving operating environment along with improvement in the asset quality would remain key rating monitorable.

About the Company

­Incorporated in 2008, ECAP EQUITIES LIMITED (ERSTWHILE EDEL LAND LIMITED) is a wholly owned subsidiary of Edelweiss Financial Services Limited (EFSL). The Company is engaged investment, trading in securities and commodities and operations of training center/hotel/resort. The firm is based in Mumbai.  The Company has the following Subsidiaries:Edel cap Securities Limited: Engaged in broking and trading activity as a registered Trading Member on different segments of NSE & BSE and also acts as an Authorized Person. Edelweiss Retail Finance Limited: It is primarily engaged in the business of providing Loans against property, Business Loans, Equipment Finance Loans, Personal Loans and Corporate loans.

About the Group

­Headquartered in Mumbai, Edelweiss Financial Services Limited (EFSL), the holding company of Edelweiss Group, was incorporated in 1995 and has diversified its line of operations across various fund based and non-fund-based businesses. Edelweiss Group is promoted by Mr. Rashesh Shah and Mr. Venkat Ramaswamy and offers a bouquet of financial services to a diversified client base across domestic and global geographies. Its key line of business includes Credit (retail and corporate), Asset Management, Asset Reconstruction, Insurance (life and general) and Wealth management including Capital Markets. The Edelweiss Group comprises Edelweiss Financial Services Limited, 30 subsidiaries and associates as on March 31, 2023. Post divestment of significant stake in wealth management business, the number of subsidiaries and associate companies have changed. Edelweiss group has a pan India presence with a global footprint extending across geographies with offices in New York, Mauritius, Dubai, Singapore, Hong Kong and UK

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Acuité has adopted a consolidated approach on Edelweiss Financial Services Limited (EFSL) along with its subsidiaries and associates  collectively referred to as ‘Edelweiss group’(refer Annexure 2 for list of entities). The approach is driven by common promoters, shared brand name, significant operational and financial synergies between the companies. Acuité has rated secured NCDs as well as perpetual NCDs issued by Edelweiss group companies. It is pertinent to note that, Unsecured Subordinated Non-Convertible Debentures (i.e. Perpetual NCDs) are rated at a lower level vis-à-vis the regular secured debt instruments. This is in view of the significant loss absorption characteristics associated with these perpetual instruments. The issuer may be required to skip/defer the coupon/interest payment in case of certain events such as decline in CAR below regulatory thresholds.

Key Rating Drivers

Strength

Strong parentage Edelweiss Group is promoted by Mr. Rashesh Shah and Mr. Venkat Ramaswamy, who are seasoned professionals in the financial services industry with over two decades of experience. The promoters are supported by experienced professionals who are into financing, wealth, and asset management businesses. The group has a diverse business profile in financial services with presence in segments such as retail credit (including agri-finance), wholesale lending, warehousing services, asset reconstruction, asset management and insurance business. The various verticals of the group as mentioned above are now under the following broad categories i.e. Credit (retail and corporate), Asset Management, Asset Reconstruction and Insurance (life and general). The Group had consolidated loan book of Rs. 4854 Cr.  as on March 31, 2024  as against Rs 6907 Cr.  which retail credit is Rs. 3347 Cr. and wholesale credit at Rs.593 Cr. The wholesale segment comprised loans to realtors and structured Credit. The Group has been attempting to gradually increase its exposure to retail segment and has entered in to deals with multiple banks for lending under co-origination model. It has taken several steps to reduce its exposure to the wholesale segment and reorient the portfolio toward small and mid-corporate lending segments. Besides the fund-based activities, Edelweiss Group also has an established franchise in asset management. The group had completed sale of its majority stake in wealth management business to PAG. As on March 31, 2023, the group had customer assets of about Rs.4,13,800 Cr. (about Rs. 3,57,700 Cr. as on March 31,2022). Most of the businesses of the group present significant synergies amongst themselves and growth potential both on the assets and liabilities side. The access to a pool of HNIs can be leveraged to create fund-based structures which can be utilized to support the AUM growth of the group. Acuité believes Edelweiss group’s established position in financial services and diversified range of fee and fund-based product offerings will continue to support its business risk profile. Diversified funding profile The group’s financial flexibility is supported by its demonstrated ability to mobilise resources from diversified set of investors across domestic banks, Institutional investors and lenders, foreign investors and domestic retail investors amongst others. The Group has attracted investments from reputed international investors such as CDPQ (Caisse de dépôt et placement du Québec), and PAG Asia. In the past, the Group also raised capital from KORA Management and Sanaka Capital. In July 2021, the Group announced stake sale of 70%, subject to regulatory approvals, in its insurance broking business to existing investor, Gallagher Insurance for consideration of ~Rs.308 Cr. As on March 31, 2023, borrowings stood at Rs.21,791.92 Cr. The group has raised ~Rs. 7909 Cr. in FY23 through public and private NCDs, Structured NCDs, CPs and bank borrowings. Acuité expects the Group to continue to benefit from diversified funding mix across domestic banks, Institutional investors and lenders, foreign investors and domestic retail investors amongst others. Adequate gearing levels and liquidity buffer As on March 31,2024 the Group's net worth stood at Rs.6049.29 Cr. (Rs. 7,846.23 Cr. as on March 31, 2023)Concomitantly, capital adequacy of the NBFC business stood at 34.3 percent and HFC stood at 32 percent as on March 31, 2023..

Weakness

­Moderate earning profile The Group reported profit after tax of Rs. 528.04 Cr. in FY2024 which improved against Rs.405.56 Cr. from FY2023 and Rs. 212.07 Cr. in FY2022. The earning profile continued its dependency on fair value gains from asset revaluation and sale of businesses. The group have been reporting modest ROA, which has continuously been less than 1.00%. Acuité also takes notes of several measures taken by the Group to rationalize cost and improve profitability including co-origination model for building retail portfolio and focus on non-fund business streams. Acuité believes that Group’s ability to sustain improvement in earnings profile from regular course of business in the current operating environment coupled with the intense competition in the retail segment will be key rating monitorable. Constant pressure on asset quality While the decline in loan book continued, the asset quality indicators worsened due to a lower base. As per the revised data, the Group’s Gross stage 3 assets (GNPAs) at Rs 720 Cr.(13.00% of lending book) on March 31,2024 as against Rs. 794 Cr. (10.52% of lending book) on March 31, 2023. The NNPA stood at Rs 125 Cr. (2.25%) and the provisioning stood at Rs. 156 Cr. (2.06 % of lending book). As on September 30, 2023, the Gross Stage 3 further moderated to 12.12 percent on account of degrowth in the book. Given that ~31% of the lending portfolio is still in the stage 2 bucket and the vulnerability in the wholesale lending book due to the exposure to real estate sector, the pressure on asset quality is likely to remain. The top 20 exposures accounted for ~30% of the overall loan book. The group’s wholesale segment mostly comprises exposures to real estate developers for their projects. The cash flows of these realtors and the quality of these exposures is linked to the revival in the real estate cycle. The group has already initiated steps to prune its exposure to the wholesale segment through various initiatives such as slowing down fresh sanctions and sell down of existing assets to dedicated funds and ARCs. Acuité believes that the Group’s ability to attain any significant improvement in asset quality amidst current economic environment will remain a key rating sensitivity. Reduced diversity of the group business There is a shift from the fund-based business model to non-fund based business by the group. This has impacted the revenue streams of the group. Owing to the stake sale, the share wealth business (EWM)a has been diluted to ~44 percent and after the issuance of share to Edelweiss shareholders it will be further diluted to ~14 percent by the end of August, 2023. The insurance business has a long gestation period. The income streams from the capital based business of the group has been generating losses continuously. This provides less stability to the income profile of the group where the ARC business, which is the key driver, is susceptible to the cyclicity and volatility of the industry and regulatory environment.

ESG Factors Relevant for Rating

­Edelweiss Group offers a bouquet of financial services to a diversified client base across domestic and global geographies. The Group has presence in segments such as retail credit (including agri-finance), wholesale lending, warehousing services, asset reconstruction, asset management and insurance business. Adoption and upkeep of strong business ethics is a sensitive material issue for the financial services business linked to capital markets to avoid fraud, insider trading and other anti-competitive behaviour. Other important governance issues relevant for the industry include management and board compensation, board independence as well as diversity, shareholder rights and role of audit committee. As regards the social factors, product or service quality has high materiality so as to minimise misinformation about the products to the customers and reduce reputational risks. For the industry, retention, and development of skilled manpower along with equal opportunity for employees is crucial. While data security is highly relevant due to company’s access to confidential client information, social initiatives such as enhancing financial literacy and improving financial inclusion are fairly important for the financial services sector. The material of environmental factors is low for this industry.   Edelweiss Group’s board comprises of eight directors with two women directors. Of the total eight directors, four are independent directors. The Group maintains adequate disclosures for business ethics which can be inferred from its policies relating to code of conduct, whistle blower protection and related party transactions. The Group has formed a Risk Committee with four out of five members being independent directors for among other things, identifying and evaluating risks and development, implementing and tracking risk management efforts. All the members of Audit Committee are independent directors. For redressal of grievances of the security holders, it has constituted a Stakeholders’ Relationship Committee. The Group also has a committee for appointment, remuneration and performance evaluation of the Board. On the social aspect, the Group has taken development and training initiatives towards career development of its employees. The Group has put in place data privacy policy to ensure adequate safeguards for collection, storage and processing of personal and sensitive information and data of customers and third parties. Further, the Group has set up EdelGive foundation, a grant-making foundation which is funding and supporting the growth of small to mid-sized grassroots NGOs committed to empowering vulnerable children, women, and communities. Over the last 13 years, EdelGive has supported over 150 organizations across 111 districts in 14 states of India.

Rating Sensitivity

­ Movement in earning profile indicated through RoAA Growth in AUM for retail lending Movement in the asset quality and collection efficiency Movement in cost of borrowings and liquidity buffers Changes in Regulatory environment

Liquidity Position

Adequate

­­EEL’s liquidity profile is supported by the group’s centralised treasury operations and adequate liquidity position. The group has demonstrated the ability to raise medium to long term funding from banks/capital markets which should support the Group’s ability to plug any possible mismatches. The Group’s liquidity profile is supported by funding from diversified base i.e. banks and financial institutions along with capital market instruments like CBLO borrowings, Commercial Papers and NCDs.

Outlook: Not Applicable

­

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY24(Actual) FY23 (Actual) Total Assets Rs. Cr. 4970.88 4316.26 Total Income* Rs. Cr. 923.14 714.31 PAT Rs. Cr. 139.99 -0.98 Net Worth Rs. Cr. 939.48 497.11 Return on Average Assets (RoAA) (%) 3.01 -0.03 Return on Average Net Worth (RoNW) (%) 19.88 -0.21 Debt/Equity Times 4.20 7.43 Gross NPA (%) - - Net NPA (%) - - *Total income equals to Net Interest Income plus other income

Key Financials (Consolidated)

­ Particulars Unit FY24(Actual) FY23 (Actual) Total Assets Rs. Cr. 41373.10 42852.70 Total Income* Rs. Cr. 6815.07 6058.02 PAT Rs. Cr. 528.04 405.56 Net Worth Rs. Cr. 6049.29 7846.23 Return on Average Assets (RoAA) (%) 1.25 0.95 Return on Average Net Worth (RoNW) (%) 7.61 5.26 Debt/Equity** Times 3.37 2.78 Gross NPA (%) 13.00 10.52 Net NPA (%) 2.25 2.06 Total income equals to Net Interest Income plus other income Ratios as per Acuité calculations **The borrowings adjusted for CBLOs and compulsorily convertible debentures stood at Rs.19,263 Cr. The adjusted networth with CCDs stood at~Rs. 7846 Cr. and the adjusted gearing at 2.78 times as per the auditor report submitted

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any Other Information

­None

Applicable Criteria

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Commercial Paper: https://www.acuite.in/view-rating-criteria-54.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 07 Jun 2024 Proposed Non Convertible Debentures Long Term 175.00 ACUITE A+ (Reaffirmed (Rating Watch with Negative Implications)) Proposed Secured Non-Convertible Debentures Long Term 325.00 ACUITE A+ (Reaffirmed (Rating Watch with Negative Implications)) Non-Covertible Debentures (NCD) Long Term 275.00 ACUITE A+ (Reaffirmed (Rating Watch with Negative Implications)) Proposed Commercial Paper Program Short Term 500.00 ACUITE A1+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 3.40 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 4.60 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 8.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 43.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Proposed principal protected market linked debentures Long Term 4.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 5.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 13.40 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 4.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 148.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 1.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 6.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 105.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 0.60 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 0.40 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 105.20 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 203.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 108.70 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 1.80 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 1.20 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 1.70 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 8.80 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 60.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 29.30 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 0.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Proposed principal protected market linked debentures Long Term 250.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 36.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 10.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 15.40 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 7.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 24.70 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 106.50 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 7.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD A+ (Reaffirmed (Rating Watch with Negative Implications)) 12 Dec 2023 Proposed Secured Non-Convertible Debentures Long Term 325.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 275.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 175.00 ACUITE A+ | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 500.00 ACUITE A1+ (Assigned) Principal protected market linked debentures Long Term 4.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 5.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 13.40 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 148.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 6.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 105.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.60 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.40 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 105.20 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 203.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 108.70 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.80 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.20 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.70 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 8.80 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 60.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.30 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.40 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 4.60 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 8.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 43.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 4.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 250.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 36.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 10.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 15.40 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 7.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 24.70 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 106.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 7.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) 20 Jul 2023 Proposed Non Convertible Debentures Long Term 175.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 275.00 ACUITE A+ | Stable (Reaffirmed) Proposed Secured Non-Convertible Debentures Long Term 325.00 ACUITE A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 5.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 13.40 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 4.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 250.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 36.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 10.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 15.40 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 7.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 24.70 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 106.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 7.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 148.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 6.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 105.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.60 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.40 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 105.20 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 203.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 108.70 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.80 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.20 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.70 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 8.80 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 60.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.30 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 3.40 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 4.60 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 8.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 43.50 ACUITE PP-MLD A+ | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 4.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) 04 Jul 2023 Proposed Non Convertible Debentures Long Term 175.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Non-Covertible Debentures (NCD) Long Term 275.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Proposed Secured Non-Convertible Debentures Long Term 325.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Principal protected market linked debentures Long Term 5.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 13.40 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 4.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 24.70 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 106.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 7.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 148.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 1.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 6.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 105.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 0.60 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 0.40 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 105.20 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 203.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 108.70 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 1.80 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 1.20 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 1.70 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 8.80 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 60.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 29.30 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 0.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 3.40 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 4.60 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 8.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 43.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Proposed principal protected market linked debentures Long Term 4.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Proposed principal protected market linked debentures Long Term 250.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 36.50 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 10.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 15.40 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) Principal protected market linked debentures Long Term 7.00 ACUITE PP-MLD A+ | Stable (Downgraded from ACUITE PP-MLD AA- | Negative) 08 May 2023 Proposed Non Convertible Debentures Long Term 175.00 ACUITE AA- | Negative (Reaffirmed) Proposed Secured Non-Convertible Debentures Long Term 325.00 ACUITE AA- | Negative (Assigned) Non-Covertible Debentures (NCD) Long Term 275.00 ACUITE AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 139.80 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 5.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 13.40 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 4.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 148.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 1.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 6.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 105.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 0.60 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 0.40 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 105.20 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 203.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 108.70 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 1.80 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 1.20 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 1.70 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 8.80 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 60.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 29.30 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 0.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.40 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 4.60 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 8.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 43.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Proposed principal protected market linked debentures Long Term 4.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Proposed principal protected market linked debentures Long Term 250.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 36.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 10.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 15.40 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 7.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 24.70 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 106.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 7.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) 21 Dec 2022 Non-Covertible Debentures (NCD) Long Term 275.00 ACUITE AA- | Negative (Reaffirmed) Proposed Non Convertible Debentures Long Term 175.00 ACUITE AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 148.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 1.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 139.80 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 5.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 6.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 105.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 0.60 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 0.40 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 105.20 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 4.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 203.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 108.70 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 1.80 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 1.20 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 1.70 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 8.80 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 60.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 29.30 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 0.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.40 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 4.60 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 8.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 43.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Proposed principal protected market linked debentures Long Term 25.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Proposed principal protected market linked debentures Long Term 250.00 ACUITE PP-MLD AA- | Negative (Assigned) Principal protected market linked debentures Long Term 36.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 10.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 15.40 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 7.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 24.70 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 85.50 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 7.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Reaffirmed) Principal protected market linked debentures Long Term 13.40 ACUITE PP-MLD AA- | Negative (Reaffirmed) 19 Aug 2022 Proposed principal protected market linked debentures Long Term 300.00 ACUITE PP-MLD AA- | Negative (Assigned) 05 Aug 2022 Non-Covertible Debentures (NCD) Long Term 275.00 ACUITE AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Proposed Non Convertible Debentures Long Term 175.00 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Principal protected market linked debentures Long Term 148.50 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 1.00 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 6.50 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 105.00 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 0.60 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 0.40 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 105.20 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 203.50 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 108.70 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 1.80 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 1.20 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 1.70 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 8.80 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 60.50 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 24.30 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 3.00 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 0.50 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 3.40 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 4.60 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 2.50 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 8.50 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 12.00 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Proposed principal protected market linked debentures Long Term 2.60 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 4.00 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 139.80 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 5.50 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) Principal protected market linked debentures Long Term 13.40 ACUITE PP-MLD AA- | Negative (Downgraded from ACUITE PP-MLD AA | Negative) 12 Apr 2022 Proposed Non Convertible Debentures Long Term 175.00 ACUITE AA | Negative (Assigned) Non-Covertible Debentures (NCD) Long Term 275.00 ACUITE AA | Negative (Assigned) Non-Covertible Debentures (NCD) Long Term 85.00 ACUITE PP-MLD AA | Negative (Assigned) Non-Covertible Debentures (NCD) Long Term 15.00 ACUITE PP-MLD AA | Negative (Assigned) Non-Covertible Debentures (NCD) Long Term 15.00 ACUITE PP-MLD AA | Negative (Assigned) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE PP-MLD AA | Negative (Assigned) Proposed Non Convertible Debentures Long Term 500.00 ACUITE PP-MLD AA | Negative (Assigned) Proposed Non Convertible Debentures Long Term 320.00 ACUITE PP-MLD AA | Negative (Assigned) Non-Covertible Debentures (NCD) Long Term 15.00 ACUITE PP-MLD AA | Negative (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable INE572O08024 Non-Convertible Debentures (NCD) 09 Dec 2021 9.95 30 Apr 2024 275.00 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HV9 Principal protected market linked debentures 10 Jan 2022 Not avl. / Not appl. 14 Jul 2025 5.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HW7 Principal protected market linked debentures 10 Jan 2022 Not avl. / Not appl. 15 Jul 2025 1.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HT3 Principal protected market linked debentures 24 Dec 2021 Not avl. / Not appl. 23 Feb 2026 13.40 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HP1 Principal protected market linked debentures 17 Nov 2021 Not avl. / Not appl. 22 May 2025 2.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HU1 Principal protected market linked debentures 10 Jan 2022 Not avl. / Not appl. 14 Jul 2025 4.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07IF0 Principal protected market linked debentures 11 Mar 2022 Not avl. / Not appl. 09 Jun 2023 148.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07IE3 Principal protected market linked debentures 23 Feb 2022 Not avl. / Not appl. 28 Aug 2025 1.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07ID5 Principal protected market linked debentures 23 Feb 2022 Not avl. / Not appl. 27 Aug 2025 2.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07IC7 Principal protected market linked debentures 23 Feb 2022 Not avl. / Not appl. 27 Aug 2025 6.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07IB9 Principal protected market linked debentures 14 Feb 2022 Not avl. / Not appl. 14 Aug 2025 105.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07IA1 Principal protected market linked debentures 09 Feb 2022 Not avl. / Not appl. 14 Aug 2025 0.60 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HZ0 Principal protected market linked debentures 09 Feb 2022 Not avl. / Not appl. 13 Aug 2025 0.40 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HY3 Principal protected market linked debentures 09 Feb 2022 Not avl. / Not appl. 13 Aug 2025 2.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HX5 Principal protected market linked debentures 28 Jan 2022 Not avl. / Not appl. 29 Jan 2024 105.20 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HS5 Principal protected market linked debentures 01 Dec 2021 Not avl. / Not appl. 31 Mar 2025 203.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HR7 Principal protected market linked debentures 01 Dec 2021 Not avl. / Not appl. 30 Nov 2026 108.70 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HQ9 Principal protected market linked debentures 17 Nov 2021 Not avl. / Not appl. 21 May 2025 1.80 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HO4 Principal protected market linked debentures 17 Nov 2021 Not avl. / Not appl. 21 May 2025 1.20 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HN6 Principal protected market linked debentures 26 Oct 2021 Not avl. / Not appl. 29 Apr 2025 1.70 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HM8 Principal protected market linked debentures 26 Oct 2021 Not avl. / Not appl. 30 Apr 2025 8.80 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HL0 Principal protected market linked debentures 26 Oct 2021 Not avl. / Not appl. 29 Apr 2025 1.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HK2 Principal protected market linked debentures 18 Oct 2021 Not avl. / Not appl. 21 Apr 2025 3.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HJ4 Principal protected market linked debentures 18 Oct 2021 Not avl. / Not appl. 21 Apr 2025 3.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HI6 Principal protected market linked debentures 22 Sep 2021 Not avl. / Not appl. 23 May 2023 60.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HH8 Principal protected market linked debentures 22 Sep 2021 Not avl. / Not appl. 23 Sep 2024 29.30 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE572O07HD7 Principal protected market linked debentures 30 Jul 2021 Not avl. / Not appl. 29 Jan 2024 2.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07110 Principal protected market linked debentures 13 Jun 2022 Not avl. / Not appl. 12 Dec 2025 3.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07102 Principal protected market linked debentures 13 Jun 2022 Not avl. / Not appl. 16 Dec 2025 0.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07094 Principal protected market linked debentures 13 Jun 2022 Not avl. / Not appl. 15 Dec 2025 5.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07060 Principal protected market linked debentures 23 May 2022 Not avl. / Not appl. 21 Nov 2025 3.40 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07052 Principal protected market linked debentures 23 May 2022 Not avl. / Not appl. 24 Nov 2025 4.60 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07045 Principal protected market linked debentures 28 Apr 2022 Not avl. / Not appl. 29 Oct 2025 2.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07037 Principal protected market linked debentures 28 Apr 2022 Not avl. / Not appl. 30 Oct 2025 8.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07011 Principal protected market linked debentures 09 Jun 2022 Not avl. / Not appl. 02 May 2025 43.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07185 Principal protected market linked debentures 12 Sep 2022 Not avl. / Not appl. 16 Feb 2026 36.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07078 Principal protected market linked debentures 24 May 2022 Not avl. / Not appl. 23 Apr 2024 10.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07193 Principal protected market linked debentures 30 Aug 2022 Not avl. / Not appl. 29 Oct 2024 15.40 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07276 Principal protected market linked debentures 22 Sep 2022 Not avl. / Not appl. 26 Mar 2026 3.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07268 Principal protected market linked debentures 22 Sep 2022 Not avl. / Not appl. 23 Mar 2026 7.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07300 Principal protected market linked debentures 30 Sep 2022 Not avl. / Not appl. 29 May 2026 24.70 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07292 Principal protected market linked debentures 30 Sep 2022 Not avl. / Not appl. 30 Apr 2025 106.50 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07284 Principal protected market linked debentures 28 Sep 2022 Not avl. / Not appl. 27 Mar 2026 7.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07334 Principal protected market linked debentures 28 Oct 2022 Not avl. / Not appl. 27 May 2025 20.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07342 Principal protected market linked debentures 04 Nov 2022 Not avl. / Not appl. 04 May 2026 3.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07391 Principal protected market linked debentures 18 Nov 2022 Not avl. / Not appl. 18 May 2026 3.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07375 Principal protected market linked debentures 10 Nov 2022 Not avl. / Not appl. 14 May 2026 5.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07409 Principal protected market linked debentures 23 Nov 2022 Not avl. / Not appl. 25 May 2026 3.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07367 Principal protected market linked debentures 10 Nov 2022 Not avl. / Not appl. 11 May 2026 15.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE468N07417 Principal protected market linked debentures 23 Nov 2022 Not avl. / Not appl. 25 May 2026 3.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable Not avl. / Not appl. Proposed Commercial Paper Program Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 500.00 Simple ACUITE A1+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 175.00 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable Not avl. / Not appl. Proposed principal protected market linked debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 250.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable Not avl. / Not appl. Proposed principal protected market linked debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.00 Complex PP-MLD | ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable Not avl. / Not appl. Proposed Secured Non-Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 325.00 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications

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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr.No Entities 1 ECap Securities and Investments Limited 2 Edelweiss Investment Adviser Limited 3 ECap Equities Limited 4 Edel Finance Company Limited 5 Edelweiss Rural & Corporate Services Limited 6 EdelGive Foundation 7 ECL Finance Limited 8 Nido Home Finance Limited 9 Edelweiss Retail Finance Limited 10 Edelweiss Asset Reconstruction Company Limited 11 Edelweiss Alternative Asset Advisors Limited 12 Edelweiss Asset Management Limited 13 Edelweiss Trusteeship Company Limited 14 Allium Finance Private Limited 15 Edel Investments Limited 16 Edelcap Securities Limited 17 Edelweiss Global Wealth Management Limited 18 Comtrade Commodities Services Limited 19 Edelweiss Securities and Investments Private Limited 20 Edelweiss Life Insurance Company Limited 21 Zuno General Insurance Limited 22 Edelweiss Real Assets Managers Limited 23 Sekura India Management Limited 24 EC International Limited 25 Edelweiss Alternative Asset Advisors Pte. Limited 26 Edelweiss International (Singapore) Pte. Limited

Contacts

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