FINANCIAL INDEBTEDNESS

Pursuant to our Articles of Association, subject to the provisions of the Companies Act 2013 and other applicable
laws and pursuant to the resolution passed by the shareholders of our Company on April 30, 2018, our Board has
been authorized to borrow, from time to time, any sum or sums of money, as may, in the opinion of the Board, be
required to be borrowed by our Company notwithstanding that the monies already borrowed by the Company
(apart from temporary loans obtained and/or to be obtained from our Company’s bankers in the ordinary course
of business) will exceed the aggregate of the paid-up capital of our Company and its free reserves, provided that
the total monies borrowed by our Company and outstanding at any point of time for the principal amounts of loan
borrowed (apart from temporary loans obtained and/or to be obtained from the Company’s bankers in the ordinary
course of business) shall not exceed the sum of 2 15,000.00 million.

As of December 31, 2020, our aggregate outstanding borrowings (including operating lease, sales bill discounting,
sales/purchase invoice bill discounting, buyer’s credit and letter of credit facilities availed by our Company) was
% 8,901.12 million.

Borrowings of our Company on consolidated basis

As of December 31, 2020, our Company had total outstanding borrowings amounting to % 8,901.12 million. Set
forth below is a brief summary of our Company’s aggregate borrowings:

 

(in million)
Category of borrowing Sanctioned amount Outstanding amount as on
December 31, 2020

Secured
Term loans 11,038.20 7,364.90
Working capital facilities*

- Fund based 3,300.00 1,566.91

- _ Non-fund based 870.00 826.49
Unsecured** 120.00 95.74
Total 15,328.20 9,854.04

 

*includes buyer's credit and letter of credit facilities availed by our Company.
**includes operating lease, sales bill discounting and sales/purchase invoice bill discounting facilities availed by our
Company.

Principal terms of the borrowings availed of by our Company

Set out below are the principal terms of the borrowing availed of by our Company:

Interest: In terms of the term loans availed of by our Company, the interest rate typically the base rate of a
specified lender, in case of Indian Rupee denominated loans or LIBOR, and in case of foreign currency
denominated loans and spread/margin per annum.

Tenor: The tenor of the term loans typically ranges from 48 months to 96 months.

Security: The term loans are typically secured by way of:

a. creating security by way of hypothecation on our Company’s fixed assets and current assets;
b. creating security by way of mortgage of our Company’s land and other immovable properties,
c providing personal guarantee of our Promoter; and

d. demand promissory notes.

This is an indicative list and there may be additional requirements for creation of security under the various
borrowing arrangements entered into by us.

Re-payment: The term loans are typically repayable in equally or quarterly or semi-annual instalments after a
moratorium period.

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