Motilal Oswal Financial Services : Reply to Clarification Sought

November 14, 2022

To,

National Stock Exchange of India Limited

Exchange Plaza, Plot No. C/1, G Block,

Bandra-Kurla Complex, Bandra (E),

Mumbai - 400051

Symbol: MOTILALOFS

Sub: Clarification on outcome of Board Meeting dated October 21, 2022 regarding raising of funds by issuance of Non-Convertible Debentures

Ref : NSE broadcasting/Email dated November 10, 2022

Dear Sir/Madam,

This is with reference to the email received from National Stock Exchange of India Limited ("NSE/Exchange") dated November 10, 2022 regarding clarifications on announcement/outcome of Board Meeting dated October 21, 2022 regarding raising of funds by issuance of Non-Convertible Debentures ("NCDs") not exceeding Rs. 2,000 Crores on private placement basis in one or more tranches under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

In this connection, we wish to inform the Exchange that pursuant to the provisions of Section 42 of the Companies Act, 2013 ("Act") (as amended from time to time) read with rules made thereunder, the Board of the Company in the said Board Meeting has granted its in-principle approval for increasing the limit for issuance of NCDs from Rs. 1000 Crores to Rs. 2,000 Crores, on private placement basis, in one or more tranches within its overall Borrowing limit i.e. the limit approved under Section 180(1) (c) of the Act. The said NCDs may be listed on NSE and/or BSE Limited ("BSE") as and when allotted.