Capital First: Credit Rating

Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to inform you that Brickworks Ratings India Pvt. Ltd. (Brickworks Ratings) has upgraded the ratings of the Companys various debt instruments (existing & unutilized) including Secured Non?Convertible Debentures and Subordinated Debt Instruments has been upgraded from BWR AA + (Pronounced BWR Double A Plus) (Outlook : Positive) to BWR AAA (Pronounced BWR Triple A) (Outlook : Stable). Further the outstanding ratings of existing Perpetual Debts instruments (IPDI) have also been upgraded from BWR AA (Pronounced BWR Double A) (Outlook : Positive) to BWR AA+ (Pronounced BWR Double A Plus A) (Outlook : Stable). Request you to take the above on record and acknowledge receipt of the same. Thanking you,