ICRA Limited — M&A Activity 2025

Oct 17, 2025

ICRA I October 1 7, 2025

ICRA Limited

BSE Limited

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street Plot no. C/1, G Block Mumbai 400 001, India Bandra-Kurla Complex Scrip Code: 532835 Bandra (East) Mumbai - 400 051, India Symbol: ICRA

Dear Sir/Madam,

Sub.: Disclosure under Regulations 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") -Acquisition of Fintellix India Private Limited

This is pursuant to the provisions of Regulation 30 and other applicable regulations of the Listing Regulations, and in continuation of our earlier annowicement dated June 12, 2025.

On June 12, 2025, the Board of Directors of ICRA Limited (the "Company") granted its approval for the acquisition of Fintellix India Private Limited ("Fintellix") by way of a secondary purchase, pursuant to execution of a Share Purchase Agreement ("SPA") and other transaction documents (the "Acquisition").

In respect of the Acquisition, we wish to inform you that the Company has acquired 98.75% shareholding in Fintellix, for a consideration of INR 245.63 crores (US$ ~27.9 million) today. Fintellix has become a subsidiary of the Company and its subsidiaries have become step-down subsidiaries of the Company, with effect from today. Confirmation regarding transfer of shares to this effect has been received today at 5:19 PM. The remaining 1.25% shareholding in Fintellix, forming part of the Acquisition, would be acquired in due course, subject to receipt of requisite regulatory approval.

Please find attached details in the annexure to this letter, disclosed pursuant to Regulation 30 of the Listing Regulations read with Clause 1 of Para A of Part A of Schedule III of the Listing Regulations and Annexure 18 of the master circular bearing reference number SEBI/HO/CFD/PoD2/CIR/P/0155 daJed November 11, 2024 issued by the Securities and Exchange Board of India ("SEBI") with respect to the Acquisition.

A copy of the press release titled "ICRA Completes Acquisition of Fintellix India Private Limited" is enclosed.

Kindly take the above on record.

Regards,

Sincerely, SYED Digitally signed by SYED SHAKEB SHAKEB RAHMAN RAHMAN Date: 2025.10.17 18:08:27 +05'30'

(S. Shakeb Rahman) Company Secretary & Compliance Officer

Building No . 8, 2 [nd ] Floor, Tower A DLF Cyber City, Phase II Gurugram - 122002, Haryana

Tel . : +91.124.4545300 Website : www.icra .in CIN : L74999DL 1991 PLC 042749 Email : info@icraindia.com Helpdesk: +91.9354738909

Registered Office : B - 710, Statesman House, 148, Barakhamba Road, New Delhi - 110001. Tel. : +91. 11. 23357940-41 RATING • RESEARCH • INFORMATION

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'ICRA
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PRESS RELEASE ICRA Completes Acquisition of Fintellix India Private Limited ("Fintellix")

Mumbai, October 17, 2025

ICRA Limited ("ICRA"), a leading provider of credit ratings, research, and risk analytics, today announced the successful completion of its acquisition of a majority stake (98.75%) in Fintellix, a Bengaluru-based RegTech and risk solutions company serving financial institutions globally.

Fintellix, a product-led company based in Bengaluru, specialises in risk, supervisory, and data analytics solutions, offered on its proprietary data platform. Fintellix enables global financial sector entities to meet their regulatory requirements, while efficiently managing data and also supports regulators collect, validate and analyse data from entities under their supervision.

The acquisition of Fintellix is a significant milestone in ICRA's strategy to expand its risk technology portfolio and strengthen its position as a preferred partner for risk and investment analytics. Fintellix brings deep expertise in regulatory reporting, supervisory platforms, credit risk, and data analytics, delivered through its proprietary technology platform.

By combining ICRA's domain leadership in credit risk with Fintellix's advanced product suite, the Group will offer integrated solutions to help banks, NBFCs, and regulators navigate complex regulatory environments, manage risk, and leverage data-driven insights for strategic decision-making.

Ramnath Krishnan, MD & Group CEO, ICRA Ltd, said:

"We are delighted to welcome Fintellix to ICRA. This acquisition marks a pivotal step in our ambition to lead in risk analytics, enabling our clients to anticipate and address risks effectively. By combining ICRA's domain expertise with Fintellix's product innovation, we are uniquely positioned to help clients navigate the fast-evolving regulatory landscape and deliver enhanced value across markets."

Shailendra Mruthyunjayappa, CEO, Fintellix, said:

"Joining ICRA opens up exciting new possibilities for Fintellix and our customers. With ICRA's broader capabilities and global reach, we will accelerate our mission to deliver impactful solutions to manage risk, compliance and strategic priorities with confidence."

About Fintellix

Fintellix India Private Limited is a product-led company specializing in risk, supervisory, and data analytics solutions for financial institutions and regulators. Its platform is trusted by over 30 institutions across India, the UK, US, and other key markets.

About ICRA Limited:

/CRA Limited is a leading credit rating agency in India, listed on the Bombay Stock Exchange and National Stock Exchange. Along with its subsidiaries, ICRA is a preferred partner for independent research, analytics, and risk management solutions. Moody's Investors Service is ICRA'< /a��o/de, Ramnath Krish For further information, please contact:

Venkatesh Viswanathan

Group Chief Financial Officer

Naznin Prodhani Head-Group Media & Communications

Email: naznin.prodhani@icraindia.com Tel:+ (91124) 4545300

© Copyright, 2025 ICRA Limited. All Rights Reserved.

All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable. Although reasonable care has been taken to ensure that the information herein is true, such information is provided 'as is' without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy,

SYED SHAKEB RAHMAN Digitally signed by SYED SHAKEB RAHMAN Date: 2025.10.17 18:09:00 +05'30'

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www.icra.in

ICRA I

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timeliness or completeness of any such information. Also, ICRA or any of its group companies, while publishing or otherwise disseminating other reports may have presented data, analyses and/or opinions that may be inconsistent with the data, analyses and/or opinions presented in this publication. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.

Disclaimer:

This Press Release is being transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The Press Release may be used by you in full or in part without changing the meaning or context thereof, but with due credit to ICRA Limited. However, ICRA Limited alone has the sole right of distribution of its Press Releases for consideration or otherwise through any media including, but not limited to, websites and portals.

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SYED Digitally signed by SYED SHAKEB SHAKEB RAHMAN Date: 2025.10.17 RAHMAN 18:09:19 +05'30'

www.icra.in

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ICRA

Annexure

Disclosure of information pursuant to Regulation 30 of the Listing Regulations read with Clause 1 of Para A of Part A of Schedule III of the Listing Regulations and Annexure 18 of the master circular bearing reference number SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 issued by SEBI

SEBI
S. No. 1.				Description FintellixIndiaPrivate Limited("Fintellix"),a company incororated under the Companies Act, 1956, havingcorporate identifcationnumber U72200KA2006PTC038764. Turover fr FY 25: IN81.5 crore
2. 3.				The acquisition does not fll within the ambit of related party transactions and none of the promoters or promoter group or group companies of ICRA Limited("ICRA")have any interest in Fintellix. Sofware products & services The acquisition of Fintellix strengthens ICR's positionasaprefred partnerfrriskand investment analytics. Fintellix brings deep expertise in regulatory reporing, supervisory platfrms, credit risk,and data analytics,deliveredthroughits proprietartechnololplatfrm.
4.
5.	Brief details of any goverental or regulatory approvalsrequired fr the acquisition			Except for requisite freign exchange approvals and flingsunderfreignexchangelaws,noother goverental or regulatory approval is required fr the Acquisition.
6.		Indicative time period fr completion of The Company has completed acquisition of98.75% the acquisition of the share capital of Fintellix. The remaining 1.25% share capital of Fintellix, frming part of the Acquisition, would be acquired in due course, subject to receipt of requisite regulator approval. Consideration - whether cashThe consideration was paid in cash consideration or share swap or any other fr and details of the same Cost of acquisition andor the price atIN245.63crores(US$~27.9million)fr which the shares are acquired acquisition of98.75% shareholding in Fintellix.
7. 8.
			IN245.63crores(US$~27.9million)fr acquisition of98.75% shareholding in Fintellix.

SYED Digitally signed by SYED SHAKEB SHAKEB RAHMAN Date: 2025.10.17 RAHMAN 18:09:37 +05'30'

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ICRA

9. 10.

Percentage of shareholding / control acquired and / or number of shares acquired Brief background about the entity acquired in ters of products/line of business acquired, date of incororation, histor of last 3 years turover, country in which the acquired entity has presence and any other signifcant infrmation (in brief 98.75% shareholding on a flly diluted basis (comprising 49,29,998 equity shares of I 10 each). The remaining 1.25% share capital of Fintellix, frming part of the Acquisition, would be acquired in due course, subject to receipt of requisite re!lator approval. Fintellix was incororated on March 17, 2006, and is headquartered in Bengaluru, Kamataka, India. Fintellix, a product-led company, specialises in risk, supervisory, and data analytics solutions, ofered on its proprietary data platfrm Turover fr FY 25: I 81.5 crore Turover fr FY 24: I 76.1 crore Turover fr FY 23: I 87.7 crore

SYED Digitally signed by SYED SHAKEB SHAKEB RAHMAN Date: 2025.10.17 RAHMAN 18:09:54 +05'30'