Blue Star Ltd — Capital/Financing Update 2023

Sep 26, 2023

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September 26, 2023

BSE Limited National Stock Exchange of India Ltd 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/Madam,

Sub: Intimation under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘Listing ’ – - Regulations ) Investment in Wholly Owned Subsidiary Company

Upon successful completion of the qualified institutions placement (QIP) vide the Placement Document dated September 22, 2023, the Company, as a part of the objects of the said QIP, has acquired 4,90,00,000 equity shares of Rs.10 each at par aggregating to Rs 49 crores by way of subscribing to the rights issue of Blue Star Climatech Limited, the wholly owned subsidiary of the Company (BSCL).

The aforesaid acquisition shall be made out of the proceeds of the said QIP.

The detailed disclosure with respect to the acquisition as required under Regulation 30(6) read with Para A(1) of Part A of Schedule III of the Listing Regulations and the SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13[th] July 2023 is enclosed herewith as ‘ Annexure – I ’.

We request you to kindly take this on records, and the same be treated as compliance under Regulation 30 and other applicable regulations of the Listing Regulations.

The aforesaid information is also being placed on the website of the Company at www.bluestarindia.com

Kindly take the same on record.

Thanking you, Yours faithfully, For Blue Star Limited

RAJESH Digitally signed by DIGAMBAR RAJESH DIGAMBAR PARTE Date: 2023.09.26 17:52:57 PARTE +05'30' Rajesh Parte Company Secretary & Compliance Officer Encl. : a/a

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Annexure - I

Details required under the Listing Regulations read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated 13 July 2023

Sr. No.	Particulars	**Description **
1	NameoftheTargetCompany, details in briefsuch as size, turnover, etc.	BSCL is currently engaged in the business ofmanufacturing of all kinds of air conditioners,commercial refrigeration equipment, coolingappliances and other related products.The turnover of BSCL for the financial yearended March 31, 2023 is Rs 13,937.51 lakhs.
2	Whethertheacquisitionwould fall within related partytransaction(s) and whetherthe promoter/promoter group/group companies have anyinterest in the entity beingacquired?If yes, nature of interest anddetails thereof and whetherthe same is done at “armslength”	BSCL, being a wholly owned subsidiary is arelated party of the Company. The transactionfalls within ambit of related party transactionsand is at arms’ length.Except to the extent of shares held by theCompany in BSCL, the promoter/promotergroup/group companies of the Company haveno interest in BSCL.
3	Industry to which the entitybeing acquired belongs	Manufacturing of all kinds of air conditioners,commercial refrigeration equipment, coolingappliances and other related products.
4	Objectsandeffectsofacquisition (including but notlimitedto,disclosureofreasons for acquisition oftarget entity, if its business isoutside the main line ofbusiness of the listed entity)	This investment is part of the Use of Proceedsas specified in Placement Document datedSeptember 22, 2023 relating to QIP.This investment will help BSCL_inter alia_inrepayment/pre-payment,ofcertainoutstanding borrowings and financing the costtowardsits expansionplans.
5	Briefdetailsofanygovernmental or regulatoryapprovalsrequiredforthe	Not Applicable

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	acquisition
6	Indicative time period forcompletion of the acquisition	Not applicable
7	Consideration - whether cashconsideration or share swapor any other form and detailsof the same	Cash Consideration
8	Cost of acquisition or theprice at which the shares areacquired	Rs 49 crores comprising of 4,90,00,000 equityshares of Rs. 10 each, at par.
9	Percentage of shareholding/controlacquiredand/ornumber of shares acquired	There will be no change in shareholding of theCompany in BSCL. BSCL will continue toremain a 100% wholly owned subsidiary of theCompany.
10	Brief background about theentity acquired in terms ofproducts/lineofbusinessacquired,dateofincorporation, history of last 3years turnover, country inwhich the acquired entity haspresenceandanyothersignificantinformation(inbrief)	BSCL was incorporated under the CompaniesAct, 2013 on May 17, 2021 as a wholly ownedsubsidiary of the Company.BSCL is currently engaged in the business ofmanufacturing of all kinds of air conditioners,commercial refrigeration equipment, coolingappliances and other related products.YearTurnover(Rs in Lakhs)FY 2022-2313937.51FY 2021-22-FY 2020-21-Country of presence: India

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