KRBL Ltd. — Capital/Financing Update 2022

Nov 24, 2022

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E:KRBL/BIBHU/STK_EX_2223/66 24 November 2022

The General Manager Department of Corporate Services BSE Limited Floor 25, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001 ScripCode: 530813	National Stock Exchange of India Limited “Exchange Plaza”, C-1, Block-G Bandra-Kurla Complex Bandra (E), Mumbai-400051 Symbol: KRBL Series: Eq.

Sub: Disclosure for minor Revision in Rating Letter submitted on 23[rd] November, 2022 due to typo error

Dear Sir/Madam,

Pursuant to the provisions of Regulation 30 read with Part A of Schedule Ill of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and further with reference to our intimation of disclosure for Revision in Rating vide Letter No. E:KRBL/BIBHU/STK_EX_2223/64 dated 23 November 2022, kindly note that in the earlier intimation on disclosure for revision in rating, the Validity for our CP Rating was inadvertently mentioned as February 16, 2022 instead of February 16, 2023 by ICRA .

For this reason ICRA has issued revised Rating letter dated 24[th] November, 2022. You are requested to consider the revised letter of ICRA dated 24[th] November, 2022 and ignore the previous one.. Apart from this, there is no other change in rating.

We are also enclosing herewith the copy of the revised rating letters as received from ICRA and the same is also available on the Company’s website at www.krblrice.com under the link Investor Relations.

Kindly take the above information on record.

Thanking you,

Yours Faithfully,

For KRBL Limited

JYOTI Digitally signed by JYOTI VERMA DN: c=IN, postalCode=122001, st=HARYANA, street=H NO 871 SECOND FLOOR GURGAONSECTOR 40NEAR COMMUNITY CENTRE 122001, l=GURGAON, o=Personal, title=7135, serialNumber=e4a5c32bf0f695bc6dd92023f30f83262334c4279360 d43c6c9bcc31262b5c3d, pseudonym=713520221018132322476, 2.5.4.20=5d7f1f48d3d1088e4300a3fd33ec2d4cc733bf4f536c78b266 VERMA 9f51f3bf9312c7, email=CS@KRBLINDIA.COM, cn=JYOTI VERMA Date: 2022.11.24 18:23:50 +05'30' Jyoti Verma Company Secretary

Encl.: As Above.

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ICRA Limited

CONFIDENTIAL

Ref: ICRA / KRBL Limited/24112022/1

Date: November 24, 2022

Mr. Ashish Jain

CFO KRBL Limited

C-32, 5[th] & 6[th] Floor Sector – 62, Noida – 201301 Uttar Pradesh, India

Dear Sir,

Re: Surveillance of ICRA-assigned Credit Rating for Rs. 1798.00 crore Bank Facilities and Rs. 500.00 crore Commercial Paper (CP) programme (details as per Annexure) of KRBL Limited

Please refer to the Rating Agreement/ Statement of Work dated November 7, 2019 and November 24, 2017, executed between ICRA Limited (“ICRA”) and your company, whereby, ICRA is required to review its ratings, on an annual basis, or as and when the circumstances so warrant. Based on a review of the latest developments, the Rating Committee of ICRA, after due consideration has reaffirmed the long-term rating at [ICRA]AA- (pronounced ICRA double A minus) and the short- term rating at [ICRA]A1+ (pronounced ICRA A one plus) for the Rs. 1798.00 crore Bank facilities and Rs. 500.00 crore Commercial Paper (CP) programme of your Company. The outlook on the long-term rating is Stable . For Rating definition(s), please refer to ICRA website at www.icra.in.

In any of your publicity material or other document wherever you are using the above Rating, it should be stated as [ICRA]AA-(Stable)/[ICRA]A1+.

The aforesaid Rating(s) will be due for surveillance any time before November 16, 2023. However, ICRA reserves the right to review and/or, revise the above Rating(s) at any time on the basis of new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have an impact on the Rating(s). Therefore, request the lenders and Investors to visit ICRA website at www.icra.in for latest Rating(s) of the Company.

The Rating(s) are specific to the terms and conditions of the bank facilities as indicated to us by you, and any change in the terms or size of the same would require a review of the Rating(s) by us. In case there is any change in the terms and conditions or the size of the rated bank facilities, the same must be brought to our notice before the bank facilities is used by you. In the event such changes occur after the Rating(s) have been assigned by us and their use has been confirmed by you, the Rating(s) would be subject to our review, following which there could be a change in the Rating(s) previously assigned. Notwithstanding the foregoing, any change in the over-all limit of the bank facilities from that specified in the first paragraph of this letter would constitute an enhancement that would not be covered by or under the said Rating Agreement.

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

Tel.: +91.124 .4545300 CIN : L749999DL1991PLC042749

Website: www.icra.in Email: info@icraindia.com Helpdesk: +91 9354738909

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. :+91.11.23357940-41

R A T I N G ● R E S E A R C H ● I N F O R M A T I O N

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The Rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated [Instrument] availed/issued by your company.

ICRA reserves the right to review and/ or, revise the above Rating at any time on the basis of new information or unavailability of information or such other circumstances, which ICRA believes, may have an impact on the Rating assigned to your company.

Additionally, we wish to highlight the following with respect to the Rating(s):

• (a) If the CP rated, as above, is not issued by you within a period of 3 months from the date of this letter, the Rating(s) would need to be revalidated before issuance;

• (b) Our CP Rating(s) is valid from the date of this letter till February 16, 2023 . The Rating(s) will generally be due for review at the end of the Validity Period. The maturity date of CP shall not be after the end of the Validity Period. The CP will have a maximum maturity of twelve months.

The Rating(s), as aforesaid, however, should not be treated as a recommendation to buy, sell or hold CP issued by you. The Rating(s) is restricted to your CP programme size of Rs. 500.00 crore only. In case, you propose to enhance the size of the CP programme, the same would require to be rated afresh. ICRA does not assume any responsibility on its part, for any liability, that may arise consequent to your not complying with any eligibility criteria, applicable from time to time, for issuance of CP.

You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the instrument rated, as above, or any other debt instruments/ borrowing and keep us informed of any other developments which may have a direct or indirect impact on the debt servicing capability of the company including any proposal for re-schedulement or postponement of the repayment programmes of the dues/ debts of the company with any lender(s) / investor(s). Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded.

We look forward to your communication and assure you of our best services.

With kind regards,

Yours sincerely,

For ICRA Limited

Jayanta Roy Senior Vice President Email: jayanta@icraindia.com

Annexure

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Instrument Details

Details of Bank Limits Rated by ICRA (Rated on Long-term Scale)	Instrument	Instrument	Amount (Rs. crore)	Rating	Rating Assigned on
Fund Based Limits
State Bank of India	WorkingCapital Facilities		600.00	[ICRA]AA-(Stable)	November 17,2022
HDFC Bank Limited	WorkingCapital Facilities		500.00	[ICRA]AA-(Stable)	November 17,2022
DBS Bank Limited	WorkingCapital Facilities		250.00	[ICRA]AA-(Stable)	November 17,2022
IndusInd Bank Limited	WorkingCapital Facilities		100.00	[ICRA]AA-(Stable)	November 17,2022
Karnataka Bank Limited	WorkingCapital Facilities		10.00	[ICRA]AA-(Stable)	November 17,2022
Total(A)			1460.00
Fund Based – Unallocated
Unallocated limits	Unallocated		115.00	[ICRA]AA-(Stable)	November 17,2022
Total(B)			115.00
Total Long-Term Limits(A) +(B)			1575.00
Details of Bank Limits Rated by ICRA (Rated on Short-term Scale)	Instrument		Amount (Rs. crore)	Rating	Rating Assigned on
Non-fund Based Facilities
State Bank of India	WorkingCapital Facilities		65.00	[ICRA]A1+	November 17, 2022
IndusInd Bank Limited	WorkingCapital Facilities		70.00	[ICRA]A1+	November 17, 2022
Karnataka Bank Limited	WorkingCapital Facilities		10.00	[ICRA]A1+	November 17, 2022
Total(A)			145.00
Non-fund Based – Unallocated
Unallocated limits	Unallocated		78.00	[ICRA]A1+	November 17, 2022
Total(B)			78.00
Total Short-term Limits (A) +(B)			223.00
Details of CP Rated by ICRA (Rated on Short- term Scale)	Instrument	Amount (Rs. crore)		Rating	Rating Assigned on
Proposed	Commercial Paper*	500.00		[ICRA]A1+	November 17, 2022

• carved out of working capital limits and proposed