ICRA Limited — M&A Activity 2025

Jun 12, 2025

ICRA I June 12, 2025

ICRA Limited

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai 400 001, India Scrip Code: 532835

National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block Bandra-Kurla Complex 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

Pursuant to Regulation 30 and other applicable regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), as amended, we wish to inform you that the Board of ICRA Limited ("Company") at its meeting today has granted its approval for the acquisition of 100% shareholding in Fintellix India Private Limited ("Fintellix") for a consideration of INR equivalent to USD 26 million (subject to mutually agreed adjustments), by way of a secondary purchase, pursuant to execution of a Share Purchase Agreement ("SP A") and other transaction documents (the "Acquisition"). The Acquisition is subject to the terms of the SP A and completion of customary conditions precedent.

Fintellix, a product-led company based in Bengaluru, specialises in risk, supervisory, and data analytics solutions, offered on its proprietary data platform.

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/CIRP 015 5 dated November 11, 2024 issued by the Securities and Exchange Board of India ("SEBI") with respect to the Acquisition.

A copy of the press release captioned "ICRA acquires Fintellix" is also attached.

This is to inform you that pursuant to NSE circular no. NSE/CML/2023/57 and BSE Circular no. 2023071434 dated July 14, 2023, the meeting of the Board of Directors of the Company held today commenced at 3:33 pm IST and concluded at 4:56pm IST.

Kindly take the above on record.

Regards,

Sincerely,

SYED SHAKEB Digitally signed by SYED SHAKEB RAHMAN RAHMAN Date: 2025.06.12 18:16:09 +05'30' (S. Shakeb Rahman) Company Secretary & Compliance Officer

Encl.: As above

Website : www.icra.in Email : info@icraindia.com Helpdesk: +91.9354738909

Building No . 8, 2 [nd ] Floor, Tower A Tel. : +91.124.4545300 DLF Cyber City, Phase II CIN : L74999DL 1991 PLC042749

Gurugra� - 122002Registered Office : B - 710, Statesman House, .'[Haryana] SensitiviN Labe141:3, Baraknam a Hoaab: Confider:itial ; New Delhi - 110001. Tel. : +91.11.23357940-41 . Helpdesk: +91.9354738909 RATING • RESEARCH • INFORMATION

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PRESS RELEASE

ICRA acquires Fintellix

Mumbai June 12[th] , 2025: ICRA has entered into a definitive agreement to acquire Fintellix, a leading provider of risk and reporting solutions to global financial institutions.

Fintellix, a Bengaluru based product-led company, specialising in risk, supervisory, and data analytics solutions on its proprietary data platform. Fintellix enables global financial sector entities to meet regulatory requirements while efficiently managing data and providing superior analytics.

Commenting on the development, Ramnath Krishnan, MD & Group CEO of ICRA said, "With this acquisition, we reiterate our commitment to being a leading risk technology player. This space is fast evolving with increasing regulatory scrutiny in financial markets, and we believe Fintellix and ICRA together will better address the emerging market needs. 11

• Shailendra M, CEO of Fintellix, said, "This marks a new chapter for Fintellix one where our product innovation and global experience will be amplified by ICRA's scale, credibility, and deep understanding of financial risk. 11

The acquisition will additionally strengthen ICRA Group's portfolio of credit risk assessment and monitoring tools by adding risk reporting capabilities to its existing solutions. ICRA's portfolio includes credit risk software solutions, Early Warning Systems (EWS) and asset classification tools.

About ICRA Limited:

ICRA limited is leading credit rating agency in India, and along with its subsidiaries is a preferred partner in providing best in class and independent research and analytics solutions. ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the Notlofft St� . <hooge. The latemot/o,a/ C�d/t Rotlag Agea<y Moody';'""'""' Smlce " ICRA", la,ge;t ,ho�ho/dec. ,� ~~�~~ Ramnat[;] n" Managing Director and Group CEO 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

SYED Digitally signed by SYED SHAKEB SHAKEB RAHMAN Date: 2025.06.12 RAHMAN 18:16:38 +05'30'

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www.icra.in

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warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, 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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IJ

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SYED Digitally signed by SYED SHAKEB SHAKEB RAHMAN Date: 2025.06.12 RAHMAN 18:16:59 +05'30'

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www.icra.in

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SYED Digitally signed by SYED SHAKEB SHAKEB RAHMAN Date: 2025.06.12 RAHMAN 18:17:18 +05'30'

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ICRA

9.	Percentage of shareholding / control acquired and / or number of shares	The shareholding ofICRA Limited in Fintellix, post the acquisition, would be 100% on a flly diluted
	acquired	basis. Accordingly, Fintellix would become a
10.	Brief background about the entity acquired in terms of products/line of	wholly owned subsidiary ofICRA Limited. Fintellix was incororated on March 17, 2006, and is headquartered in Bengaluru, Kaataka, India.
	business acquired, date of incororation, history of last 3 years turover, country m which the acquired entity has presence and any other signifcant infrmation (in brief	Fintellix, a product-led company, specialises in risk, supervisory, and data analytics solutions, ofered on its proprietary data platfr
		Turover fr FY 24: IN 76.1 crore Turover fr FY 23: IN 87.7 crore Turover for FY22: IN 90.6 crore

SYED Digitally signed by SYED SHAKEB SHAKEB RAHMAN Date: 2025.06.12 RAHMAN 18:17:37 +05'30'

Sensitivity Label : Confidential