Sammaan Capital Limited — Capital/Financing Update 2021

Aug 5, 2021

==> picture [147 x 63] intentionally omitted <==

August 5, 2021

Scrip Code – 535789 IBULHSGFIN/EQ BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, “Exchange Plaza”, Dalal Street, Bandra-Kurla Complex, Bandra (E). MUMBAI – 400 001 MUMBAI – 400 051

Sub.: Voluntary creation of trustee-managed reserve fund for dollar bond repayment

Indiabulls Housing Finance Limited (“Company”) , in May 2019, had issued 6.375% secured US Dollar denominated bonds aggregating to USD 350 million (“Bonds”) , for a tenor of 3 years, maturing on 27[th] May 2022. The principal portion of these Bonds is fully hedged in accordance with extant RBI guidelines for External Commercial Borrowings thereby ensuring that the outstanding Bonds are effectively a rupee liability amounting to INR 27.30 billion.

With a view to creating a reserve (“Reserve”) towards the scheduled redemption of these Bonds, the Company has voluntarily decided to set aside a sum equivalent to 75% of the total maturity proceeds of these Bonds, in multiple stages, as per the table given below. Total repayment of INR 27.30 billion will be made in May 2022 with INR 20.47 billion of reserve fund and INR 6.82 billion of final tranche paid by the Company in May 2022.

Due Date	% of Total Maturity	Amount
August 4, 2021 [alreadytransferred]	25%	6.82
November 4,2021	25%	6.82
February4,2022	25%	6.82
Total Reserve Fund	75%	20.47
May2022 [Final tranche]	25%	6.82
Total Repayment	100%	27.30
All numbers have been rounded down to two decimals		Amounts in INR billion

As per the RBI ECB guidelines and due to the fact that the Bonds were issued as a 3 year instrument, early repurchase consent was sought but not given by the regulator due to the current policy framework.

In addition to the previously announced early repurchase of ~INR 43.40 billion of NCDs due Sep 2021, this is another ALM management tool and marks the second instance wherein the company has utilised its excess liquidity to repay obligations owed to its ECB lenders; the first being the INR 3.15 billion Masala Bonds that were due in Feb-2021 but where cash to pay the full principal and accrued interest was deposited with the trustee well ahead of scheduled repayment in Nov-2020.

In order to manage its payment obligations towards Lenders and to facilitate such payments and repayments to its Lenders in a streamlined manner, the Company has setup a lender repayment trust (“Trust”) . The Company, from time to time, transfers to this Trust, monies which are required for meeting the Company’s payment or repayment obligations to its Lenders, in advance of the actual due date for such payment/ repayment and has appointed IDBI Trusteeship Services Limited (“Trustee”) to act as the trustee for the same.

The Company has begun transferring [first tranche has already been transferred] the Reserve amount to the Trust as per the schedule mentioned above. The Trustee in turn will create a fixed deposit using the Reserve amount with a Scheduled Commercial Bank, and such Reserve amounts shall be utilised for the scheduled redemption of the Bonds in compliance with applicable laws. The Company has notified the Trustee to inform about this arrangement to the offshore trustee of the Dollar Bonds transaction – Citicorp International Limited – the Trustee has already

Indiabulls Housing Finance Limited (CIN. L65922DL2005PLC136029) Corp. Off. Indiabulls House, 448-451, Udyog Vihar, Phase V, Gurugram -16. T. +91 124 668 1212 F. +91 124 668 1111 Reg. Off. M 62 & 63, First Floor, Connaught Place, New Delhi -01. T. +911130252900 F. +911130252901 Email.homeloans@indiabulls.com Web.Indiabullshomeloans.com

==> picture [147 x 63] intentionally omitted <==

done so, and the same is attached with this intimation. Citicorp International Limited will in turn send out this communication to the clearing systems [EuroClear and ClearStream] who will ultimately notify the bondholders.

The maturity of the fixed deposits will be co-terminus with the maturity date of the Bonds. At maturity, the fixed deposit proceeds will be used to discharge the Company’s liabilities to the holders of the Bonds.

You are requested to please take this on record.

Thanking you,

Yours truly,

For Indiabulls Housing Finance Limited

==> picture [187 x 67] intentionally omitted <==

Amit Jain Company Secretary

CC: Luxembourg Stock Exchange, Luxembourg Singapore Exchange Securities Trading Limited, Singapore

Attached:

Intimation from IDBI Trusteeship Services Limited [the Reserve Fund trustee] to Citicorp International Limited [dollar bond trustee]

Indiabulls Housing Finance Limited (CIN. L65922DL2005PLC136029) Corp. Off. Indiabulls House, 448-451, Udyog Vihar, Phase V, Gurugram -16. T. +91 124 668 1212 F. +91 124 668 1111 Reg. Off. M 62 & 63, First Floor, Connaught Place, New Delhi -01. T. +911130252900 F. +911130252901 Email.homeloans@indiabulls.com Web.Indiabullshomeloans.com

==> picture [596 x 71] intentionally omitted <==

Indiabulls Housing Finance Ltd 6.375% FIXED RATE BOND XS1999787564

30937 / ITSL / OPR / 2021-22

To, 4[th] August 2021 Citicorp International Limited

Dear Team,

Indiabulls Housing Finance Limited (“Company”), in May 2019, had issued 6.375% secured US Dollar denominated bonds aggregating to USD 350 million (“Bonds”), for a tenor of 3 years, maturing on 27th May 2022. The principal portion of these Bonds is fully hedged in accordance with extant RBI guidelines for External Commercial Borrowings thereby ensuring that the outstanding Bonds are effectively a rupee liability amounting to INR 27.30 billion.

We, IDBI Trusteeship Services Limited as “Trustee” to the IBHFL Lender Repayment Trust ( “Trust” ), would like to notify that with a view to creating a reserve towards the scheduled redemption of these Bonds ( “Reserve” ), the Company has decided to set aside a sum equivalent to 75% of the total maturity proceeds of these Bonds, in multiple stages, as per the table given below:

Date	% of total maturity	Reserve amount(in INR billion)
4th August 2021	25%	6.82
By4th November 2021	25%	6.82
By4th February2022	25%	6.82
Total	75%	20.47

*All numbers rounded down to two decimals

The Company today, has transferred the first tranche of the Reserve i.e. INR 6.82 billion, to the Trust. We have in turn created a fixed deposit (“FD”) using the Reserve amount, with RBL Bank Limited, a Scheduled Commercial Bank, and such Reserve amount shall be utilised for the scheduled redemption of the Bonds in compliance with applicable laws. The maturity of the fixed deposits will be co-terminus with the maturity date of the Bonds. At maturity, the fixed deposit proceeds will be used to discharge the Company’s liabilities to the holders of the Bonds.

We request Citicorp International Limited to take this communication on record and further intimate the same to the respective bondholders. We further request the Citicorp team to confirm to us on receipt of this email and also confirm once this communication is sent out to all bondholders.

Thanking You.

For IDBI Trusteeship Services Limited

==> picture [41 x 41] intentionally omitted <==

==> picture [61 x 39] intentionally omitted <==

Authorised Signatory

==> picture [452 x 42] intentionally omitted <==