CAPITALIZATION STATEMENT

The following table sets forth our Company’s capitalization as at December 31, 2020, on the basis of our Restated
Financial Information, and as adjusted for the Offer. This table should be read in conjunction with the sections
titled “Risk Factors”, “Financial Statements” and “Management’s Di sion and Analysis of Financial
Condition and Results of Operations” on pages 22, 225 and 288, respectively.

   

(in million)

 

Particulars Pre-Offer as at December As adjusted for the
31, 2020 proposed Offer*

Shareholders’ Funds
Equity Share Capital 100.61 105.64
Other equity 7,615.50 9,110.47
Total Shareholders’ Funds (A) 7,716.11 9,216.11
Debt
Current borrowings 1,566.91 1,566.91
Non-current borrowings (including current maturities) 7,334.21 7,334.21
Total Debt (B) 8,901.12 8,901.12
Non-current borrowings (including current maturities) 0.95 0.80
/equity ratio
Total debt/equity ratio 1.15 0.97

 

*Post Offer column reflects changes in equity on account of proceeds from the Fresh Issue of € 1,500 million, oul of which & 5.03 million has
been adjusted against the Equity Share capital and % 1,494.97 million has been adjusted in securities premium. Further the other equity
‘amount has not been adjusted for share issue expenses of the Fresh Issue.

287
