Blue Star Ltd — Capital/Financing Update 2024

Jul 18, 2024

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July 18, 2024

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: Update on Acquisition: 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

Ref: Intimation dated November 8, 2023

We refer to our letter dated November 8, 2023, about proposed investment by the Company in the equity shares of Blue Star Climatech Limited, the wholly owned subsidiary of the Company (BSCL), up to an amount not exceeding Rs 94.40 crores in 9,44,00,000 equity shares of Rs 10 each, at par, in one or more tranches, by way of subscription to rights issue.

The Company made investment in BSCL in various tranches by subscribing to the rights issue(s).

We hereby inform you that, the final tranche of investment in BSCL has been completed today.

We request you to kindly take this on record.

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 RAJESH DIGAMBAR DIGAMBAR PARTE Date: 2024.07.18 PARTE 18:20:52 +05'30' Rajesh Parte Company Secretary & Compliance Officer Encl. : a/a

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November 8, 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 - Investment in Wholly Owned Subsidiary Company

In compliance with Regulation 30(6) read with Para A(1) of Part A of Schedule III of the Listing Regulations, we hereby inform you that the Executive Management Committee of the Board of Directors of Blue Star Limited at their Meeting held today viz. Wednesday, November 8, 2023, has, inter alia, approved investment in the equity shares of Blue Star Climatech Limited, the wholly owned subsidiary of the Company (BSCL), up to an amount not exceeding Rs. 94.40 crores by way of subscription to rights issue up to 9,44,00,000 equity shares of Rs. 10 each, at par, in one or more tranches.

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

The Meeting of the Executive Management Committee of the Board of Directors of the Company commenced at 3:05 p.m. (IST) and concluded at 3:20 p.m. (IST).

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

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

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Kindly take the same on record.

Thanking you, Yours faithfully, For Blue Star Limited 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

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Sr. No. Particulars Description
1 Name of the Target BSCL is currently engaged in the business of
Company, details in brief manufacturing of all kinds of air conditioners,
such as size, turnover, etc. commercial refrigeration equipment, cooling
appliances and other related products.
The turnover of BSCL for the financial year
ended March 31, 2023 is Rs 13,937.51 lakhs.
2 Whether the acquisition BSCL, being a wholly owned subsidiary is a
would fall within related party related party of the Company. The transaction
transaction(s) and whether falls within the ambit of related party
the promoter/promoter group/
group companies have any
interest in the entity being
acquired? Except to the extent of shares held by the
Company in BSCL, the promoter/promoter
If yes, nature of interest and group/group companies of the Company have
details thereof and whether no interest in BSCL.
3 Industry to which the entity Manufacturing of all kinds of air conditioners,
being acquired belongs commercial refrigeration equipment, cooling
appliances and other related products.
4 Objects and effects of This investment is part of the Use of Proceeds
acquisition (including but not as specified in Placement Document dated
limited to, disclosure of September 22, 2023 relating to QIP.
reasons for acquisition of
target entity, if its business is This investment will help BSCL inter alia in
outside the main line of repayment / pre-payment, of certain
business of the listed entity) outstanding borrowings and financing the cost
towards its expansion plans.
5 Brief details of any Not Applicable
governmental or regulatory
approvals required for the
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acquisition
6 Indicative time period for On or before March 31, 2024
completion of the acquisition
7 Consideration - whether cash Cash Consideration
consideration or share swap
or any other form and details
of the same
8 Cost of acquisition or the Rs 94.40 crores comprising of 9,44,00,000
price at which the shares are equity shares of Rs. 10 each, at par.
acquired
9 Percentage of shareholding/ There will be no change in shareholding of the
control acquired and/or Company in BSCL. BSCL will continue to
number of shares acquired remain a wholly owned subsidiary of the
Company.
10 Brief background about the BSCL was incorporated under the Companies
entity acquired in terms of Act, 2013 on May 17, 2021 as a wholly owned
products/line of business subsidiary of the Company.
acquired, date of
incorporation, history of last 3 BSCL is currently engaged in the business of
years turnover, country in manufacturing of all kinds of air conditioners,
which the acquired entity has commercial refrigeration equipment, cooling
presence and any other appliances and other related products.
significant information (in
brief) The turnover of BSCL for last 3 years is given
below:
Year Turnover
(Rs in Lakhs)
FY 2022-23 13937.51
FY 2021-22 -
FY 2020-21 -
Country of presence of BSCL: India
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