IRCON International Ltd — Capital/Financing Update 2021

Mar 3, 2021

भारत सरकार रेल मंत्रालय, (रेलवे बोर्ड) रेल भवन. नई दिल्ली-110001 GOVERNMENT OF INDIA MINISTRY OF RAILWAYS (RAILWAY BOARD) RAIL BHAVAN, NEW DELHI-110001

भारत ਰਿਜ਼ .एक कदम स्वच्छता की ओर

Date: March 3, 2021

To. The Managing Director BSE Limited Phiroze Jeejeebhoy Towers Dalal Street. Mumbai-400 001

To. The Managing Director The National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block, Bandra Kurla Complex, Bandra (East) Mumbai, India 400 051

Dear Sir/Madam,

Sub: Offer for sale of equity shares of IRCON International Limited (the "Company") having a face value of INR 2 each (the "Offer Shares") by its Promoter, the President of India, acting through the Ministry of Railways, Government of India ("Seller") intimated by way of notice on March 2, 2021.

We refer to the Notice dated Mach 2, 2021 ("Notice") sent by the Seller to the Stock Exchanges("Notice") wherein, the President of India, acting through and represented by the Ministry of Railways, Government of India proposes to sell up to 4,70,25,787 Equity Shares, in aggregate representing 10% of the total issued and paid-up Equity Share capital of the Company ("Base Offer Size") on March 3, 2021 ("T Day") (for non-retail investors only) and on March 4, 2021 ("T+1 Day") (for retail investors and for non-retail investors who choose to carry forward their un-allotted bids), with an option to additionally sell up to 2,82,15,473 Equity Shares (representing 6% of the total issued and paid-up Equity Share capital of the Company) (the "Oversubscription Option" and in the event the Oversubscription Option is exercised, the Equity Shares forming part of the Base Offer Size and the Oversubscription Option will in aggregate, be referred to as the "Offer Shares". In the event such Oversubscription Option is not exercised, the Equity Shares forming part of the Base Offer Size will be referred to as the "Offer Shares", through the separate designated window of BSE Limited ("BSE") and National Stock Exchange of India Limited ("NSE" and together with BSE, the "Stock Exchanges"), collectively representing 16% of the total paid up equity share capital of the Company, and such offer hereinafter referred as the "Offer").

In this connection, we wish to exercise the Oversubscription Option to the extent of 2,82,15,473 Equity Shares (representing 6% of the total issued and paid-up equity share capital of the Company) in addition to 4,70,25,787 Equity Shares of the Company, (representing 10% of the total issued and paid-up equity share capital of the Company) forming part of the Base Offer Size. Accordingly, the total Offer Size will be up to 7,52,41,260 Equity Shares (representing 16% of the total paid up equity share capital of the Company) of which up to 2,25,72,378 would be available as part of the Offer Share on $T+1$ day, i.e. March 4, 2021.

All capitalised terms not defined in this intimation letter shall have the same meanings as ascribed to them in the Notice filed with the Stock Exchanges.

On behalf of the President of India, Ministry of Railways, Government of India

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Authorised Signatory Name: Shri B K Gupta Designation: E.D Project (Monitoring) - Railway Board (रेलवे चोर्ड / Reilway Board)नई दिल्ला/Now Delhi