Blue Star Ltd — Capital/Financing Update 2020

May 29, 2020

May 29, 2020

BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers,	Exchange Plaza, C-1, Block G,
Dalal Street,	Bandra Kurla Complex, Bandra (East),
Mumbai –400 001	Mumbai –400 051
BSE Scrip Code: 500067	NSE Symbol: BLUESTARCO

Dear Sir/Ma'am,

Subject: Outcome of the Debenture Committee Meeting

With reference to our letter dated May 26, 2020 and pursuant to the provisions of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we hereby inform you that the Debenture Committee of the Board of Directors of the Company ("Committee") at its meeting held today, i.e. Friday, May 29, 2020 has inter alia approved an issue of 3,000 unsecured, Non-Convertible Debentures, having face value of Rs 10 lakhs each for cash at par aggregating to Rs 300 crores, with an option to retain over subscription up to Rs 50 crores, aggregating to Rs 350 crores, on a private placement basis as per the particulars furnished in 'Annexure A'.

The meeting of the Committee commenced at 9:00 am and concluded at 9:55 am.

We request you to take the above on record and the same be treated as compliance under the applicable regulations under the Listing Regulations, as amended.

The aforesaid information is being made available on the Company's website at www.bluestarindia.com

Thanking you, Yours faithfully, For Blue Star Limited

Vijay Devadiga Company Secretary

Encl.: a/a

Annexure A

Key Indicative Terms and Conditions for the Issuance

Issue	Unsecured, Listed, Rated and Redeemable Non-Convertible Debentures (the
	"Debentures").
Issue Size	Upto 3,000 Non-convertible Debentures having a face value of Rs10 lakhs each
	for cash at par aggregating to Rs 300 crores, with an option to retain over
	subscription up to Rs 50 crores, aggregating to Rs 350 crores
Whether proposed to	Yes, The Debentures are proposed to be listed on the Wholesale Debt Market
belisted?Ifyes,	segment on the National Stock Exchange of India Limited
nameofthestock
exchange(s)
Mode of Placement	Private Placement to be subscribed by Investors eligible to invest in suchissuance under extant regulations
Maturity	The issuance will be split into two equal tranches:
	Tranche 1: 3 years from the Date of Allotment
	Tranche 2: 3 years from the date of allotment with a Call option at the end of
	Second year.
Issue Timing	Issue Opening Date: May 29, 2020
	Issue Closing Date: May29,2020
	Pay in Date: June1,2020
	Deemed Date of Allotment: June 1, 2020
Coupon	Series I: 7.65% per annum, payable on the last working day of each annual
	coupon payment period
	Series II: 7.65% per annum, payable on the last working day of each annual
	coupon payment period. In the event the call option is exercised, the investor will
	additionally receive a call premium of 0.3585% of the amount called
Day Count Basis	Actual/Actual
	Coupon payable on the Debentures shall be calculated on the basis of actual
	number of days elapsed in a year of 365 or 366 Days as the case may be.
Coupon frequency	Annual
Couponpayment	1st Coupon / Interest Payment Date: June 1, 2021
date	2nd Coupon / Interest Payment Date: June 1, 2022
	3rd Coupon / Interest Payment Date: June 1, 2023
Face Value	Rs.10,00,000 (Rupees Ten Lakhs only) per Debenture
Issueand	At par
Redemption price
Charge/security,if	Not applicable. The debentures will be unsecured
any, created over the
assets
Ratingdowngrade	If the rating of the NCDs is downgraded at any point of time during the currency of
step up	the NCDs, the Coupon for the balance period would increase by 0.25% p.a. for
	each notch of downgrade below AA+ (by CARE Ratings) Such increase in coupon
	shall be applied with effect from the date such rating downgrade is announced by
	the rating agency specified under Issue Rating and such increased coupon shall
	be payable on and from the immediate next Coupon Payment Date.
Tradingand	Dematerialised form
settlement
Early Redemption	If the rating on the Debentures is downgraded by more than three notches below
	the Issue Rating, the debenture holders shall reserve the right to recall the

Blue Star Limited Band Box House, 4th Floor, 254 D, Dr Annie Besant Road, Worli, Mumbai 400 030, India. T: +91 22 6654 4000

$F: +91 22 6654 4001$ www.bluestarindia.com

	outstanding principal amount along with all other monies/ accrued interest due inrespect thereof and the issuer shall be required to redeem the NCDs within 45days of such request from the Debenture Holders.
Special	None
right/interest/privilege
attached tothe
instrumentand
changes thereof;
Delay in payment of	Not Applicable
principalinterest /
amount for a period
of more than three
months from the due
date or default in
payment of interest /
principal;
Details of any letter or	None
comments regarding
payment/non-
payment of interest,
principaldueon
dates, or any other
matter concerning the
security and /or the
assets along with its
comments thereon, if
any;
Default Interest rate	2% payable annually over and above coupon, payable from date of occurrence of
	default (payment default or otherwise) until default is cured
Minimum application	Rs 10,00,000 (Rupees Ten Lakhs only) and in multiples.
Multiples of NCDs	of such amount thereafter
Use of Proceeds	For working capital, capital expenditure, bonafide business purpose, repayment of
	existing liabilities and other issue related expenses. All end use shall be for
	purposes permitted for bank financing by the Reserve Bank of India under its
	extant guidelines
Issue Rating	Rating of AA+ (negative outlook) by CARE. Rating letter shall be dated no more
	than 15 days prior to the issue opening date