Rane Holdings Ltd. — Capital/Financing Update 2022

Dec 14, 2022

Registered Office “Maithri” 132, Cathedral Road, Chennai 600 086, India. CIN: L35999TN1936PLC002202

Tel: 91 44 2811 2472 URL; www.ranegroup.com

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Rane Holdings Limited

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Online submission

RHL/SE/041/2022-23

December 14, 2022

BSE Limited National Stock Exchange of India Limited Listing Centre NEAPS Stock Code: 505800 Symbol: RANEHOLDIN

Dear Sir / Madam,

Sub.: Disclosure under regulation 30 of SEBI LODR - Credit Rating

In terms of regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR) this to inform that, with regard to the Company's existing bank loan facilities of Rs. 100 Crores, ICRA Limited has:

• a. for Rs. 74.96 crore bank facilities- reaffirmed a long term rating of [ICRA] AA- (pronounced as ICRA double A minus) and

• b. for Rs. 25.04 crore bank facilities- reaffirmed a long term rating of [ICRA] AA- (pronounced as ICRA double A minus) with outlook as ‘stable’ and short-term rating of [ICRA] A1+ (pronounced as ICRA A one plus).

We enclose herewith the rating letters issued by ICRA dated December 13, 2022. We request you to treat this intimation as compliance with the disclosure requirements under the relevant provisions of SEBI LODR.

Yours faithfully

For Rane Holdings Limited

Digitally signed by SIVA SIVA CHANDRASEKARAN CHANDRASEKARAN Date: 2022.12.14 10:04:30 +05'30'

Siva Chandrasekaran Secretary

Encl:a/a

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ICRA Limited

CONFIDENTIAL

Ref: ICRA/Rane Holdings Limited/13122022/1

Date: December 13, 2022

Mr. MAP Sridhar Kumar

Chief Financial Officer Rane Holdings Limited "Maithri", 132 Cathedral Road, Chennai-600086

Dear Sir,

Re: Surveillance of ICRA-assigned Credit Rating for Rs. 100.00 crore bank facilities (details as per Annexure) of Rane Holdings Limited

Please refer the Rating Agreement between ICRA Limited (“ICRA”) and your company, whereby, ICRA is required to review its rating(s), 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 for the captioned bank facilities at [ICRA]AA- (pronounced ICRA double A minus) and the short-term rating for the bank facilities at [ICRA]A1+ (pronounced ICRA A one plus) . The outlook on the long-term rating is Stable .

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

The aforesaid ratings will be due for surveillance any time before December 07, 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 ratings 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 ratings 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 facility is used by you. In the event such changes occur after the ratings have been assigned by us and their use has been confirmed by you, the ratings would be subject to our review, following which there could be a change in the ratings previously assigned. Notwithstanding the foregoing, any change in the over-all limit of the LOC 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.

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 bank facility availed by your company.

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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 further strengthening our existing relationship and assure you of our best services.

With kind regards,

Yours sincerely, For ICRA Limited

SHAMSHER DEWAN

Digitally signed by SHAMSHER DEWAN DN: c=IN, st=Haryana, 2.5.4.20=f7edd8eb94005613ab8ab3d4ee44c5380ca6b99ba20305b26994 54530eaf177d, postalCode=122002, street=A-2/302, SAHARA GRACE, MG ROAD, BEHIND SAHARA MALL, SECTOR-28, CHAKARPUR(24), serialNumber=81e81be534b3742395e1a44de665d623b04c02b277af54e 355b5ba70d01f15bd, o=Personal, cn=SHAMSHER DEWAN, pseudonym=8e5ddece405ee4428088abe21bc5a37d Date: 2022.12.13 19:28:18 +05'30'

[Shamsher Dewan] Senior Vice President and Group Head Email: shamsherd@icraindia.com

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

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Annexure

Details of the bank limits rated by ICRA (Rated on long-term scale)

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Amount (Rs.
Limits Rating Assigned on
crore)
Long-term fund-based limits – HDFC Bank - Cash credit 5.00
Term loan facilities – Federal Bank Limited 3.46
Term loan facilities – Axis Finance Limited 56.50 [ICRA]AA- December 08,
Term loan facilities – HDFC Bank Limited 10.00 (Stable) 2022
Total 74.96
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Details of the bank limits rated by ICRA (Rated on long-term/short-term scale)

Limits	Amount (Rs. crore)	Rating	Assigned on
Long-term/short-term unallocated	25.04	[ICRA]AA- (Stable)/ [ICRA]A1+	December 08, 2022
Total	25.04

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 IN G

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