Proposed Schedule of Implementation and Deployment of Net Proceeds

The Net Proceeds are to be deployed in accordance with the schedule set forth below:

 

(in million)
Particulars ‘Amount proposed to be Estimated Utilization of Net
financed from Net Proceeds Proceeds

Fiscal

2022
Repayment/pre-payment, in full or part, of 1,200.00 1,200.00
certain borrowings availed of by our
Company
General corporate purposes” 208.41 208.41
Total 1,408.41 1,408.41

 

* The amount utilized for general corporate purposes shall not exceed 25% of the gross proceeds of the Fresh Issue.

Means of Finance

The fund requirements for the Objects are proposed to be entirely funded from the Net Proceeds. In case of a
shortfall in raising requisite capital from the Net Proceeds, business considerations may require us to explore a
range of options including utilising our internal accruals. We expect that such alternate arrangements to be
available to fund any such shortfalls.

The above fund requirements are based on internal management estimates of amounts outstanding under certain
borrowings availed of by our Company, interest rates and other charges, and the financing and other agreements
entered into by our Company and have not been appraised by any bank or financial institution or independent
agency or verified by the BRLMs. These are based on current conditions and are subject to revisions in light of
changes in external circumstances or costs, or our financial condition, business or strategy. For further information
on factors that may affect these estimates, see “Risk Factors - We cannot assure you that the deployment of the
Net Proceeds in the manner intended by us will result in an increase in the value of your investment.” on page
50.

As the entire requirement of funds for the Objects of the Fresh Issue are proposed to be met from the Net Proceeds,
we confirm that there is no requirement to make firm arrangements of finance towards at least 75% of the stated
means of finance through verifiable means, excluding the amount to be raised through the Fresh Issue.

Details of the Objects of the Fresh Issue
1. Repayment/pre-payment, in full or part, of certain borrowings availed of by our Company

We avail majority of our fund based and non-fund based facilities in the ordinary course of business from
various banks and financial institutions. For further information on the financial indebtedness availed of
by our Company, see “Financial Indebtedness” on page 322.

As of December 31, 2020, we had total secured borrowings (long term and short term) of % 8,901.12
million. Our Company proposes to utilize an aggregate amount of = 1,200.00 million from the Net
Proceeds towards repayment/pre-payment, in full or in part, of certain borrowings availed of by our
Company. The selection and extent of loans proposed to be prepaid and/or repaid by our Company as
mentioned below is based on various commercial considerations including, among others, the interest
rate of the relevant loan, prepayment charges, the amount of the loan outstanding and the remaining tenor
of the loan. Given the nature of these borrowings, the terms of prepayment and the terms of repayment,
the aggregate outstanding amounts under these loans may vary from time to time and our Company may,
in accordance with the relevant repayment schedule, repay or refinance some of its existing borrowings
prior to receipt of proceeds from the Fresh Issue. Accordingly, our Company may utilize the Net Proceeds
for prepayment or repayment of any such refinanced loans or additional loan facilities obtained by it.
However, the aggregate amount to be utilized from the Net Proceeds towards prepayment or scheduled
repayment of loans (including refinanced or additional loans availed, if any), in part or full, would not
exceed % 1,200.00 million. The prepayment or scheduled repayment will help us reduce our outstanding
indebtedness and debt servicing costs, assist us in maintaining a favourable debt to equity ratio and enable
utilization of our internal accruals for further investment in business growth and expansion. In addition,
the improvement in the debt to equity ratio of our Company is intended to enable us to raise further
resources in the future to fund potential business development opportunities and plans to grow and

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