Marathon Nextgen Realty Ltd — Capital/Financing Update 2021

Dec 10, 2021

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December 10, 2021

To To BSE Limited National Stock Exchange of India Limited Dept. of Corporate Services Listing Department P. J. Towers, Dalal Street BKC, Bandra (E) Mumbai 400 001 Mumbai 400 051 Scrip Code: 503101 Symbol: MARATHON

Dear Sirs,

Sub: Rating CARE B+; Stable (Single B Plus; Outlook: Stable)

Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015

Please find attached Rating issued by Care Rating Limited for proposed Non Convertible Debentures (NCD) issue aggregating upto Rs. 450 Crore.

The details of ratings outstanding for the debt instruments/facilities of the Company as on date are tabled below:

Sr. No.	Instrument	Amount (Rs. crore)	Rating	Rating Action
1	Non Convertible Debentures	445.00	CARE B+; Stable (Single B Plus; Outlook: Stable)	Assigned
2.	Non Convertible Debentures	5.00	CARE B+; Stable (Single B Plus; Outlook: Stable)	Assigned
	Total Instruments	450.00 (Rs. Four Hundred Fifty Crore Only

We have also attached letter dated December 10, 2021 issued by Care Rating Limited.

This is for your information and record.

Thanking you,

Yours truly,

For Marathon Nextgen Realty Limited

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K. S. Raghavan Company Secretary & Compliance Officer

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No. CARE/PRO/RL/2021-22/1267

Mr. Nilesh Dand

Group Chief Financial Officer

Marathon Nextgen Realty Limited

Marathon Futurex, Mafatlal Mills Compound N M Joshi Marg, Lower Parel (W), Mumbai -400013 Maharashtra

December 10, 2021

Confidential

Dear Sir,

Credit rating for proposed Non-Convertible Debenture issue

Please refer to your request for rating of proposed long-term Non-convertible Debenture (NCD) issue aggregating to Rs.450 crore of your Company. The proposed NCDs would have a tenure of five years with disbursement proposed in multiple tranches and repayments proposed in twelve quarterly instalments beginning at the end of 9[th] quarter.

2. The following rating has been assigned by our Rating Committee:

Sr. No.	Instrument	Amount (Rs. crore)	Rating1	Rating Action
1.	Non Convertible Debentures	445.00	CARE B+; Stable (Single B Plus; Outlook: Stable)	Assigned
2.	Non Convertible Debentures	5.00	CARE B+; Stable (Single B Plus; Outlook: Stable)	Assigned
	Total Instruments	450.00 (Rs. Four Hundred Fifty Crore Only)

1. Please arrange to get the rating revalidated, in case the proposed issue is not made within a period

of six months from the date of our initial communication of rating to you (that is December 08, 2021

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& December 9, 2021).

1 Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications. CARE Ratings Limited

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in

9th Floor, Pride Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, Pune - 411016 Phone: +91-20-4000 9000 CIN-L67190MH1993PLC071691

1. In case there is any change in the size or terms of the proposed issue, please get the rating revalidated.

2. Please inform us the below-mentioned details of issue immediately, but not later than 7 days from the date of placing the instrument:

	Instrument type	ISIN	Issue Size (Rs cr)	Coupon Rate	Coupon Payment Dates	Terms of Redemption	Redemption date	Name and contact details of Debenture Trustee	Details of top 10 investors

1. Kindly arrange to submit to us a copy of each of the documents pertaining to the NCD issue, including the offer document and the trust deed.

2. A write-up (press release) on the above rating is proposed to be issued to the press shortly, a draft of which is enclosed for your perusal as Annexure A . We request you to peruse the annexed document and offer your comments if any. We are doing this as a matter of courtesy to our clients and with a view to ensure that no factual inaccuracies have inadvertently crept in. Kindly revert as early as possible. In any case, if we do not hear from you by December 11, 2021, we will proceed on the basis that you have no any comments to offer.

3. CARE reserves the right to undertake a surveillance/review of the rating from time to time, based on circumstances warranting such review, subject to at least one such review/surveillance every year.

4. CARE reserves the right to revise/reaffirm/withdraw the rating assigned as also revise the outlook, as a result of periodic review/surveillance, based on any event or information which in the opinion of CARE warrants such an action. In the event of failure on the part of the entity to furnish such information, material or clarifications as may be required by CARE so as to enable it to carry out continuous monitoring of the rating of the bank facilities, CARE shall carry out the review on the basis of best available information throughout the life time of such bank facilities. In such cases

the credit rating symbol shall be accompanied by “ISSUER NOT COOPERATING”. CARE shall also be entitled to publicize/disseminate all the afore-mentioned rating actions in any manner considered appropriate by it, without reference to you.

CARE Ratings Limited

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in

9th Floor, Pride Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, Pune - 411016 Phone: +91-20-4000 9000 CIN-L67190MH1993PLC071691

1. Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.

2. Users of this rating may kindly refer our website www.careratings.com for latest update on the outstanding rating.

3. CARE ratings are not recommendations to buy, sell or hold any securities.

4. If you need any clarification, you are welcome to approach us in this regard. We are indeed, grateful to you for entrusting this assignment to CARE.

Thanking you,

Yours faithfully,

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Sumit Ashok Prakash Analyst sumit.prakash@careedge.in

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Monika Goenka Assistant Director monika.goenka@careedge.in

Encl.: As above

Disclaimer

CARE’s ratings are opinions on the likelihood of timely payment of the obligations under the rated instrument and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE’s ratings do not convey suitability or price for the investor. CARE’s ratings do not constitute an audit on the rated entity. CARE has based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. CARE or its subsidiaries/associates may also have other commercial transactions with the entity. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is, inter-alia, based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors. CARE is not responsible for any errors and states that it has no financial liability whatsoever to the users of CARE’s rating.

Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.

CARE Ratings Limited

9th Floor, Pride Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, Pune - 411016 Phone: +91-20-4000 9000 CIN-L67190MH1993PLC071691

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: care@careedge.in • www.careedge.in

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