Cravatex Ltd. — Capital/Financing Update 2020

Mar 6, 2020

Reqtslered Office Matulya Centre 2nd Floor SenapauBaoat Marg Lower Parel (W) Mumbai - 400 0 1 3 CIN L93010MH1951PLC008546 T •91 22 6666 7474 F •91 22 2497 3210 E ,nfo@cravatex com W www cravaiex com

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March 6, 2020

BSE Limited

Department of Corporate Services (DCS-Listing) Phiroze Jeejeebhoy Towers, Dalal Street Mumbai · 400 001

Company Code: 509472

Dear Sirs,

Sub Outcome of the Board Meeting held on March 6, 2020

• Ref : Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

In accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR"), we wish to inform you that a meeting of the Board of Directors of the Company was held today at the Company's registered office at 4.45 p.m. and concluded at 5.40 p.m. The following matter was inter a/ia resolved at the meeting:

• (a) Approved the execution of a share subscription and shareholders' agreement ("SSSHA") between Cravatex Brands Limited ("CBL"), which is a material subsidiary of the Company, the Company, Paragon Partners Growth Fund - I ("Investor"), Rajesh Batra, Rohan Batra and R.B. Fitness and Trading Private Limited, in relation to the Investor's investment into CBL. Pursuant to the SSSHA, CBL proposes to inter a/ia offer. issue and allot an aggregate of 16,04,970 Series A compulsorily convertible preference shares ("Series A CCPS") to the Investor at an aggregate consideration of INR 30,00,00,992.40 (Rupees Thirty Crore Nine Hundred Ninety Two and Forty Paise only), by way of private placement. on the terms and conditions contained in the SSSHA.

Intimation on specified details pursuant to the SEBI LODR shall be done after due execution of the SSSHA.

Kindly take the above information on record.

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Company Secretary