HFCL: Announcement under Regulation 30 (LODR)-Acquisition

This is further to our earlier announcement dated January 28 2020 on the captioned subject.

We wish to inform you that consequent to the Term Sheet signed on January 27 2020 the Company
has now signed a Share Subscription and Purchase Agreement ("Agreement") on February 26 2020
with BigCat Wireless Private Limited [CIN: U72900TN2013PTC089742] having its registered office at New No. 21 Old no. 9 Flat C2 Dwaraka Apartments I Avenue Shastri Nagar Chennai-600020 Tamil
Nadu ("BIGCAT") and the Promoter Shareholders of BIGCAT.

In terms of the Agreement the Company intends to acquire up to 47.87% of the paid-up equity share
capital ( on a fully diluted basis assuming all securities and options to be issued to employees are fully converted) of BIGCAT in various tranches by way of subscribing/purchasing its equity shares and also the Company shall have control or voting rights of up to 50% in BIGCAT post-acquisition of equity
stake in BIGCAT.

The details as per attached letter.