Bharat Electronics Ltd. — Capital/Financing Update 2024

Feb 21, 2024

प्रबंधक The Manager लिस्टिंग विभाग Listing Department नेशनल स्टॉक एक्सचेंज ऑफ इंडिया लि. National Stock Exchange of India Ltd. एक्सचेंज प्लाज़ा, सी-1, ब्लॉक जी, Exchange Plaza, C-1, Block G, बांद्रा-कुर्ला कॉम्पलेक्स, बांद्रा पूर्व Bandra Kurla Complex Bandra, East, मुंबई, महाराष्ट्र - 400051 Mumbai, Maharashtra- 400051

सं.No. 17565/6/SE/NSEC/SEC दिनांक / Date: 21.02.2024

भारत इलेक्ट्रॉनिक्स BHARAT ELECTRONICS भारत इलेक्ट्रॉनिक्स लिमिटेड (भारत सरकार का उद्यम, रक्षा मंत्रालय) पंजीकृत कार्यालय : आउटर रिंग रोड, नागवारा, बेंगलूर - 560 045, भारत Bharat Electronics Limited (Govt. of India Enterprise, Ministry of Defence) Registered Office : Outer Ring Road, Nagavara, Bangalore - 560 045, INDIA. CIN: L32309KA1954GOI000787 टेलीफैक्स/Telefax: +91 (80) 25039266 ई-मेल/E-mail : secretary@bel.co.in

: www.bel-india.in

वेब/Web

महोदय / महोदया, Dear Sir/Madam,

विषय: क्रेडिट रेटिंग की सूचना Sub: Intimation of Credit Rating.

सेबी (एल.ओ.डी.आर.) विनियम, 2015 के विनियम 30 के तारतम्य में, आपको सूचित किया जाता है कि आई.सी.आर.ए. (क्रेडिट रेटिंग एजेंसी) ने कंपनी की निम्नलिखित क्रेडिट रेटिंग प्रतिधारित की है-Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, we inform that ICRA (Credit Rating Agency) has retained the following credit ratings of the Company:

क्र.सं.	विलेख / सुविधाएं	सीमा	रेटिंग	रेटिंग
		(राशि रु. करोड़ में)		कार्रवाई
SI.	Instruments/Facilities	Limits(Amount	Rating	Rating
No.		Rs. In Crore)		Action
	दीर्घकालीन निधि आधारित
	सीमाएं	500
	Long Term - Fund Based		[ICRA]AAA	पुनःअभिपुष्ट
	Limits		(Stable)	Reaffirmed
$\overline{2}$	दीर्घकालिक-अआबंटित सीमाएं
	Long Term $-$ Unallocated	300
	Limits
3	आधारित अल्पावधि-गैर-निधि
	सीमाएं	4500		पुनःअभिपुष्ट
	Short Term - Non-Fund		$[ICRA]A1+$	Reaffirmed
	Based Limits

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The outlook on the long-term rating is 'Stable'. These ratings indicate the highest credit quality in the long-term and short-term. These ratings are valid till 14th February, 2025.

3Tn% snf. ft.acqr. ÿnfr # ÿfcT ÿrtr |i We enclose copy of the report issued by ICRA for your reference.

ÿTT 3TfÿTÿ|ÿl This is for your information and record.

/ Thanking you,

wfhr Yours faithfully,

fcf *rc<r ÿÿTR+h For Bharat Electronics Limited

SREENIVAS SRIPADA Digitally signed by SREENIVAS SRIPADA DN: c=IN, o=BHARAT ELECTRONICS LIMITED, 2.5.4.20=2785c3f8889288c5c03452d0f6bfbd07ecfa7416298 e4d510fd5354c33bb0aa8, ou=SECRETARIAT,CID - 6840256, postalCode=560045, st=Karnataka, serialNumber=8da16a32e5cf7b4693c748a3f167cf33b9870c 0132bad61e7d1c3490de34d08f, cn=SREENIVAS SRIPADA Date: 2024.02.21 18:07:41 +05'30'

S Sreenivas wt*rf%=r Company Secretary

wÿrdrP ⁱ Ends: As stated above.

Ref: ICRA/ Bharat Electronics Limited/20022024/01

Date: February 20, ²⁰²⁴

Mr. ^S Damodar Bhattad Director Finance & CFO Bharat Electronics Limited Outer Ring Road, Nagavara, Bangalore - ^{560 045}

Dear Sir,

Re: Surveillance of ICRA-assigned Credit Rating for Rs. 5300.00 crore Bank Facilities (details as per Annexure) of Bharat Electronics Limited

Please refer to the Rating Agreement/Statement of Work dated February 04, 2019, and December 13, 2021 executed between ICRA Limited ( " ICRA") and your Company, whereby, ICRA is required to review its rating(s), on an annual basis, or as and when the circumstances so warrant. Based on ^a review of the latest developments, the Rating Committee of ICRA, after due consideration has reaffirmed the long-term rating at [ICRA)AAA (pronounced ICRA Triple A) and the short-term Rating at [ICRA] A1+ (pronounced ICRA A One Plus) ("Rating"). Outlook on the long-term Rating is Stable. For Rating definition(s), please refer to ICRA website at http://www.icra.in.

In any of your publicity material or other document wherever you are using the above Rating(s), it should be stated as [ICRA]AAA(Stable)/[ICRA]Al+.

The aforesaid Rating(s) will be due for surveillance any time before February 14, 2025. However, ICRA reserves the right to review and/or, revise the above Rating(s) at any time on the basis of new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the Rating(s). Therefore, request the lenders and Investors to visit ICRA website at www.icra.in for latest Rating(s) ofthe Company.

The Rating(s) are specific to the terms and conditions of the Bank Facilities as indicated to us by you, and any change in the temis or size of the same would require ^a review of the Rating(s) by us. In case there is any change in the terms and conditions or the size ofthe rated Bank Facilities, the same must be brought to our notice before the Bank Facilities is used by you. In the event such changes occur after the Rating(s) have been assigned by us and their use has been confirmed by you, the Rating(s) would be subject to our review, following which there could be ^a change in the Rating(s) previously assigned. Notwithstanding the foregoing, any change in the over-all limit of the Bank Facilities from that specified in the first paragraph of this letter would constitute an enhancement that would not be covered by or under the said Rating Agreement.

The Rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated Bank Facilities availed/issued by your company.

Building No. S, 2°r Floor, Tower ^A Tel.: +91.124 .4545300 Website: www.icra.in DLF Cyber City, Phase II CIN : L749999DL1991PLC042749 Email: info@icraindia. Gurugram - 122002, Haryana Helpdesk: +91 ^9354738909

com

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. :+91.11.23357940-41 RATING . RESEARCH . INFORMATION

You are also requested to forthwith inform us about any default or delay in repayment ofinterest or principal amount of the instrument rated, as above, or any other debt instruments/ borrowing and keep us informed of any other developments which may have ^a direct or indirect impact on the debt servicing capability of the company including any proposal for re-schedulement or postponement of the repayment programmes of the dues/ debts of the company with any lender(s) / investor(s), or occurrence of any significant development that could impact the ability ofthe company to raise funds such as restriction imposed by any authority from raising funds through issuance of debt securities through electronic bidding system. Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded.

We look forward to your communication and assure you of our best services.

With kind regards, Yours sincerely, For ICRA Limited

JAYANTA ROY 2024.02.20 13:00:37 +05'30'

Jayanta Roy Senior Vice President and Group Head iavanta@icraindia.com

Annexure - Instrument Details

of Rated Details Limits Bank ICRA (Rated Long by on Scale) Term	Amount crore) (Rs.	Rating	Rating Assigned on
based Limits Fund
State Bank ofIndia	450.00	" ICRA1AAA(Stable)	February 15, 2024
Canara Bank	15.00	riCRAlAAA( Stable)	February 15, 2024
IDBI Bank	5. 00	" ICRA1AAA( Stable)	February 15, 2024
ofBaroda Bank	10.00	[ICRA1AAA(Stable)	February 2024 15,
ofIndia Union Bank	00 1.	[ICRAlAAA(Stable)	February 2024 15,
Punjab National Bank	00 1.	[ICRAlAAA(Stable)	February 15, 2024
Bank ofIndia	00 1.	[ICRAlAAA(Stable)	February 2024 15,
IC1C1 Bank	00 1.	riCRAlAAA(Stable)	February 15, 2024
Axis Bank	5. 00	HCRA]AAA(Stable)	February 15, 2024
HDFC Bank	5. 00	[ICRAlAAA(Stable)	February 15, 2024
Kotak Mahindra Bank	00 1.	[ICRAlAAA(Stable)	February 15, 2024
Induslnd Bank	4. 00	riCRAlAAA(Stable)	15, 2024 February
Yes Bank	00 1.	[ICRAlAAA(Stable)	February 15, 2024
Total	500.00

ofBank Limits Rated Details ICRA (Rated Long by on Scale) Term	Amount crore) (Rs.	Rating	Rating Assigned on
Unallocated Limits	300.00	[ICRAjAAA(Stable)	February 15, 2024
Total	300.00

Limits Details of Rated Bank ICRA Short (Rated by on Scale) Term	Amount (Rs. crore)	Rating	Rating Assigned on
Facilities Non-Fund based
of India State Bank	650.00 3,	[ICRA]A1+	February 15, 2024
Bank Canara	160.00	TICRA1A1+	February 15, 2024
IDBI Bank	128.00	TICRA1A1+	February 15, 2024
ofBaroda Bank	170.00	TICRA1A1+	15,2024 February
Bank of India Union	00 1.	[ICRA1A1+	February 15, 2024
Punjab National Bank	144.00	[ICRA1A1+	February 15, 2024
Bank ofIndia	00 1.	[ICRA1A1 +	February 15, 2024
ICICI Bank	64.00	[ICRA1A1+	February 15, 2024
Axis Bank	45.00	[1CRA1A1 +	February 15, 2024
HDFC Bank	115.00	TICRA1A1 +	February 15, 2024
Mahindra Kotak Bank	10.00	[ICRA1A1+	February 15, 2024
Induslnd Bank	11.00	TICRA1A1+	February 15, 2024
Yes Bank	00 1.	[TCRA1A1+	February 15, 2024
Total	4, 500.00