Rane (Madras) Ltd. — Capital/Financing Update 2021

May 21, 2021

Registered Office Tel: 91 44 2811 2472 “Maithri” URL:www.ranegroup.com 132, Cathedral Road, Chennai 600 086, India. CIN: L65993TN2004PLC052856

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Rane (Madras) Limited

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//Online Submission//

RML / SE / 09 / 2021-22

May 21, 2021

BSE Limited National Stock Exchange of India Ltd. Listing Centre NEAPS Scrip Code: 532661 Symbol: RML

Dear Sir / Madam,

Sub: Statement of Deviation or Variation - Regulation 32 of SEBI LODR

In terms of Regulation 32 of SEBI LODR, we submit herewith the quarterly statement of deviation(s) / variation(s) after review by the audit committee at its meeting held on May 21, 2021 in connection with the proceeds from preferential issue(s) of convertible warrants to Rane Holdings Limited, a member of the Promoter Group of the Company. The Company raised an aggregate Rs.55 crores during the quarter which were completely utilized in line with stated objects.

It may also be noted there is no deviation/variation in the utilization of funds against the stated objects and hence a NIL statement for the period ended March 31, 2021 is being enclosed as per annexure A.

Kindly take this on record as compliance with the relevant regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR).

Thanking you,

Yours faithfully,

For Rane (Madras) Limited

Digitally signed by SUBHA SHREE SUBHA SHREE SRIDHARAN SRIDHARAN Date: 2021.05.21 18:28:45 +05'30' S Subha Shree Secretary

Encl.:a/a

Rane (Madras) Limited

Statement of Deviation / Variation in utilisation of funds raised

(Annexure A to SEBI circular no. CIR/CFD/CMD1/162/2019 dated December 24, 2019)

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Rane (Madras) Limited
Name of listed entity
CIN: L65993TN2004PLC052856
Mode of Fund Raising Public Issues / Rights Issues / Preferential Issues / QIP / Others
January 5, 2021 - Rs.25,00,00,000 (Rupees Twenty Five Crores only), being the warrant exercise
price (i.e 75% of the issue price) for conversion of the balance 11,61,440 warrants out of the
17,42,160 warrants issued on December 18, 2019 on preferential basis to Rane Holdings Limited.
January 28, 2021 - Rs.15,00,00,000 (Rupees Fifteen Crores only) being the warrant subscription
Date of Raising Funds price (i.e. 25% of the issue price) for allotment 25,49,936 Warrants issued on January 29, 2021 on
preferential basis to Rane Holdings Limited
March 22, 2021 - Rs.15,00,00,000 (Rupees Fifteen Crores only), being the warrant exercise price
(i.e 75% of the issue price) for conversion of the 8,49,978 warrants out of the 25,49,936 warrants
issued on January 29, 2021 on preferential basis to Rane Holdings Limited.
Amount raised during the quarter ended March 31, 2021: Rs. 55,00,00,000
Rs.25,00,00,000 on conversion of the balance 11,61,440 warrants out of the 17,42,160 warrants
Amount Raised
Rs.15,00,00,000 on subscription of 25,49,936 Warrants
Rs.15,00,00,000 on conversion of the 8,49,978 warrants out of the 25,49,936 warrants issued
Report filed for Quarter ended March 31, 2021
Monitoring Agency Applicable / Not applicable
Monitoring Agency Name, if applicable NA
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Rane (Madras) Limited

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Is there a Deviation / Variation in use of funds Yes / No
raised
If yes, whether the same is pursuant to change
in terms of a contract or objects, which was NA
approved by the shareholders
If Yes, Date of shareholder Approval NA
Explanation for the Deviation / Variation NA
Comments of the Audit Committee after The funds were completely utilized against stated object and there is no deviation/variation in the
review utilization of funds against the stated objects.
Comments of the Auditors, if any NA
Objects for which funds have been raised In order to pursue capital expenditure programs, meet working capital requirements of the
and where there has been a deviation, in the Company and support the overseas subsidiaries and reducing the debt position to achieve an
following table: optimum debt-equity ratio.
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Original Object	Modified Object, if any	Original Allocation	Modified allocation, if any	Funds Utilised	Amount of Deviation / Variation for the quarter according	Remarks, if any
			Not Applicable

For Rane (Madras) Limited

Name of Signatory: B Gnanasambandam Designation: Chief Financial Officer

Deviation or variation could mean:

(a) Deviation in the objects or purposes for which the funds have been raised or

(b) Deviation in the amount of funds actually utilized as against what was originally disclosed or

(c) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc.

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