VGN Develop€E Pnvab Limit€dA DriEc im l€d @npany inmDoEted unds lhe Coopanies Ac! 1956

wirh c N u701021N2003PTc066733D.te ot InotpoEdon: 1Ji lvlarch 2oo3

tGgLGEd ofnc.: No 15, Wan* G.den, 2nd Snel N!.gambakkam. Ch€nmi @0 m6T.l, No.: + 91 44 4343 9900: Fd No.: + 91 .14 4343 99sg

lPttu tle Ba@mnt ofr.t Lolle' 6 p.t PAs-l pu6hnt t s6t@ 42 d th. c411p4i6 Ad 2a13 $dRule 1111) ol Cowanis (Pa!{sclus qnd Allotrnent ot SedtJ6) R r@, 2014 md S6@rilj6.ntExchange Boad .t kdi. (lsw and Lidkg d Debt s4titdes) Flgd.tim, 2aoa isMd vid6 ciktt{tu. LAD-NRO/G|/2jOU1&'12n7A daled JLM 06, 2@A and as amnd..t lM tire to tim sEBlustihg Egulatt@s datBd ilay 11,2008 vNL circd llo. sEBl/ltlDBoNDnzoogh1nq

ISSUE OF UP TO 4,OOO IFORTY THOUSAND) SECUREO, REDEEIUABLE, I'ION.CONVERTIBLEOEBEI{TURES OF FACE VAIUE OF INR I,OO,OOO (RUPEES ONE LAKH OI{LY) EACH ITHE'OEBENIURES"I. AGGREG,qT {G UP TO INR 4OO,OO,OO,OOO (RUPEES FOUR HUNDREDCRORE ONLY) IN SEPARATE 1RANCHES ON A PRIVATE PIACEIIENT BA6IS {THE'1SSUE'],BY VGN OEVELOPERS PVT LTO ITHE 'ISSUER')

P.ivx. Phc.m.nt ofi.r ktterD.r.:31'Janu.ry2015

Thb Priv€le Pl*m.nl ofter L.tl€r (heejnaflt ref€iFd to a t|e "oibr 1.ft.1) b Elal,ed t lh€DebentrEs to b€ i$ued bY lne ls6u$ o a pnlde d.€rent b€sls a.d @niains El.vanl inromaurrnand di.cr6u€s @L'ed rrr

'le prD.€. of b>Lnq ol lE Deb€ntue lri. l6ue hs b€€F aulhdis.d

uvn-" r*; r".:it ; eouuo $*.d b' tre;6d ordrccioG or he BsLs on 5h JEn 2015

As fE r.sG b b€ing hade on a plivaE pk@menl b63b, 0is offer Leuer has not b.€n subm {ed to crerFd bv fle s@dE.nd cr.nanse B.6rd of Ind€ asEBf, lF€ l$ue hcs nol b€€nmm.eraei o'appmo oy srel ror dc: sEBl g6Eniae fie *cL6cv or .doqr*v ol rr's orb'L€rer. lde6tme debl a.d debi elat d suriti* inrclv€ . d€ge of ck and iN*loG shdld notin$t anv lund. in debl inslrument unL€$

'lev @n .fiod b iake tne nsk Ettsched !d such

inE nsils lnve.im aE advi*d io take .n i.fomed dedd and lo @d lhe ligk hcioE €d! lvderoE rnv$lna in h€ D€b€dues Fd tak1o 5n irE n.nl deubn 'r€ioc musl Elv on treie^.m.Elon or-tre lesL€ indud ns Ue rck'nrclv.d'1 il sp€dfi (.tlEio $e Bummadzed R.k F€ctoE ftnuoned ebshere in tris orbr L€ll€r

nable hqJn.s eepG r*pontblitv ro' and @nilTs hal Fisofs L€6 qEins, I hforalon {'' eqsd io rt lsu",m lh€ |sue x+'c} E nat€da r h.@niexr of rhe l5sue, [|.l lh€ infodatio ontain.d in this ofier laliEr is lre and cotrel n all ruier al*Decb and s nd 46ead.q

'1 a !|* 15€ opinbns ad intoitons qp?$d

h;n .E h.nesllv h€d and bet lhe€ a€ no othe' Iad he m'sson d x+rcr m.ks d'ir or.rL€ttor as a who€;r.ny ol such itfomalbn or the exp€3.ton ol anv such opinions or intstionsmiBl€€dinq in any m.teial r6!ec1

A5 at rh6 dare ol thl. ofid Leter the Debenturs se not .al€d The DebenluEe msv be €i6d bvcRrsrl pl or b list nq, on tE insnlctions or u€ D€benhre

-rtuat .

(,Q

lhbugh $b Oibl Letbr arc popos.d toTh6l*ud Bhar obtaii the app@a nom

b€ risied on tE wholeele oeblBSE and wi |.ppry i fiat tistiig

Fom 31" J.nuary 2015 undl 30o Jur. 20i6L.ue Opcn. on : 3l-hnrary b.us cki.6 0r : 6. Fgtrury

lsu. Op.m on : 9" MaEh k u. Clo.con:1r" .eh

tuy Emaining unsubs{ibed am@nls shall b€ otl€Ed ior .ob*dpUon sub€€quenl TEnch$ wlthh

'fte lsuer leRsh. gftlo ch.nge tne E* PrcqEm hcludi.! the De€FEd D.is ofAt.,hent alits $le di$redon, sirhour giving €ny E.&ne d prjor noiae. The tee shatt b€ op.n for suberiptjondur ng lh€ bsnking houG on edl day dun.g tne pedod drered by th€ bsu6 Pbg€m

Nor.: Th6 Pri€te Pr.@rent oftbr L€[6f pEpsEd uncrer ihe coopaiies ac! 2013, ,l€ cmp.n es(PrGp€tus snd Allohenl of seudri*) Rurs, 2014 tE s€urities and Erchange B€rd ot Indis(lsue end Listing ol D€bt S€ad e) Regu .ljon6, 2003 dated J u ne 6 2003, 6 .manded, ror prtaiEph@ns ol the DebstrB b n6ilhd . pr6peclus nor a stalemed in li€u of pEspech! and do.snot @nsl trt6 €n ofid b tl. pubric ge@Erry lo ebsibe for d oth6*b. .cq!r€ the debt s&uriii.sto be lsued by the lsler. Tlris b on y .n iniomalion b@hue jiienn€d for pnEi6 o6e

PIRAMAL FINANCE PRMATELIMITED,

Mumbar, MahaEshh4mol3.

IL & FS TRUST COMPANY LIMIIED

The lL a Fs Finanoial c6ii6r,

B.nd6 Kuri. Codptex BandE (E ).

610 ,Haji MGa Pstwaa IndGti.E3lale, 20 Dr E Mos R@d,M.h.ldmi Mumbai, Maha€Ehi-a

ryH Beiraa Tore6 3dFl@r Towll, Bl@k No.04,MRC Nalar Ch.nnal

Phitua J*Fabhoy rd.E

912266545695 mun&o)

y'.

DEFINITIONS AND ASBREVIATIONS

Tem noi ercressrv defined heEuttuslde6d dat€d 3./01/2015 (he Debenlu6 Trusr D*d") unless the @nIen otheN * ndicales orrequ€s.thelolownsremssMlharethemeaningsgvenbdwdlhGlnlomalonMemoEndum

PrcpeRy o€l€d at ambanurGutusMmy Naidu & comp.nydetair in rhe oebenru€ Trusi D€ed

lsuer appehdedr4@! Fffi)

-Cenra D€lostury setotot (Lndia) Lim'led

qt!! J!!! !q4lq-

o.b€nrue Tru3l* AsEem.nt

Oeemed Dat or Allotn€nl

The lom bt whch the Eiqbe Inlesiors

Gb.ntu€ ho de(s) hoh'ns D€benlure(s) 'n

dem.crslizedGen€fica oMdof rhe D€benlu€(s) as defned n cause

com@nEA.l l9s6 and/or c.mpan es raj 2013 as

t'e !!!!!!e l!!!tsg- .vcN one lold'rs.r'a'kd and v Grr.Mmy N.'du & Co PrlaE L T cd arho',

Th€ deed or corPoEc suarant*,$E oe€d. enl€bd i.lo bv lhe coEEEie GuzEito.s

NSDL and/orCO5L as rhe @se mav be

RefeB to such €legory ol lnv6lo6 €fercd to berN:. EligibefinancLal nsttutons.nd insuBncg@mpan'es,

sh.h a€ sElq!!!g!9lp!!!e:]!@l!!E!4luj!9!l!!a!LrneuusEeol rr Deb€ltucHode(s, l l i5Las' beirg [ 3 Fs

rre Oe*n,e rsee l0' ia.ud1 70 5

The dab.nru? rasl deed daH Jt" JalEry z0'5 enFed 'rioenlecd rnlo beNeen ihe lssuer and rhe Debenturc Trgslee

oeF rdE.r rems o i+'cF $9 Debe' ld.s a€!!lg 'ssu'd

lhe deed ot nvoottedh. d€o or o aooLt lt ddre ol r\eD€be1u'e rrrq O*d e'.rr.d b/ lT rsql. 'r raloL'or

rlc

Re@'pE nqhE aisins oui ol (oPef n d lrvstT.rrsat ror€< rtr.g'o

lheqed[|h6EolFor e*h T€nohe. Ih6 day lhe rssuer t@ved

ForTranch€ :6riFebruary2015ForTranchg : 11' March2015

treposiiory Parrcpant identf€ljon number lhat is allo€bd tolhe pepG rory Pan . p. bv ti'e Depos'iory

Dr,le!&ftL

fnane companes (NBFCsr and

Muiua fundsForei$ insltuliona nveslorsiForcign podo o inveslore as pefmtired und€. rhe S€cudesand Exchange Bed or nda {Foreign Podtoto Inveslors)

Prcvid€nr Funds C€luily, superainuaron and pensotrFunds, subiecr io $en InvesheniquderinE

TFe }{mir rJnbe* 000j01 000993€ 000.0Jr0009996 an-00040ir000ooa2 oocr"d b, rl-e tscL.r rrl rle.&or-r B.nrDu6ua.tlotlieEscrowr'{reem€nI

F.4 v.'@, Nonfti.N/ar,@

fhe agBmenr daten on or abourD€ed, entered nro beh'een lheTrustee snd lhe ssoer n €laliontgEsaq&!9!!tAn event descded .s evenl or

the dare of Ihe Debenlu€ TtusrA.count Bank, rhe Debenturcto op€Erion and monirodng ol

delauh in ihe Debentuc Trusr

one lakhonly)belng rhe nom'ia €lue

A t* reher adeo or" Jt.t$ J bt rrand a@oGd bv l1'e lssu€rForeign instirulionar Mrh SEB| und€. rhesecuril€s and Exchaige aoard ol ridia (Foresn Insttulronallnveslors) Requ atrons. 1995. as amended tbm rrme ro rineTrelve months perod commencino td I

ending on 31 Merch

E!4,1 B€d9!!!QqQ49c..e?lvacdFdlMJl'|qp.to'eq.bt@,.idIns prva,A pr4erenr olr rde dcled J1' JarLary, 20t5 Io.fl vare Dradement ot lh6 Deb€ntuesIhe la*tur.urcn.! orUre Relubr. orhdzVGN D€velopeE Pnvde L,m led

dy the rssuer n adrdance wLh nre Tems

ilenorandum ot A.roci.tion The memoGndum of aso.ialion of rh€ lssuerNon.DispGar und€.r.klng

NSDL

A rolnsoodaruloerel,! piv'ded b! he p6roF< r rawN; ;;stuufteq Depoq oly i";-Pemanenl r@unt Number

P.60narGndairoB

The dale on tf)ich subsrpijone

Iranche lr Febtuary 06, 2015

rhe d*dtErsn.r-ueG*d€red mb by rh€Guaranro6 in lavour of rhe Deb€n$6 darg or the oebonlueTdsl DeedEach ot Mr VN De€dosrand ML pratsh oevadoss

o Padma a.d vGN OneMr D. PElsh M6 Dvya

R.sErEr .nd Tanster AqonrRoc/ROC

sal€ R.c€tpG

-

-rsR Da.ashaw Limiled

,re rMNaD€. {,.crlo T depor'G) pena l1q ro rf. scte o! o-any agreemenr io $ prols, v as housos and/or apadnenrsrominq oarr of rhe fiiodqas€d Propedis

4."-

charle, predge, len or olher s&urity nleEstobrEziion or any p€6on or any other aseere or

sEal

ulat ons, 2003 (as amended rom bms lo limeThe O6b€nlure Holders and lhe Debenturc Trust€e

The r$uer, each ol rhe coDoEre GuaEnic6 and th6 P€Eonal

Tem and @ndilons oI t'e oebeitur*

Trc or mo€ lEnchs (h6ogh which $e Oebenilre Hode6 shallsubsdbe ro the DeberxuEs doing the Avalabilily Peaod na€od€n€ lifi lhe tems or ine Deb€ntur€ Trusl D€ed

The fi'n TBnche ol th€ oobentures olleed p!6uant io this otter

The s@nd Tranche ot lhe Deb.nlu€s offared purcuanl !o $is

Th. Escw A@ud edd an iE s

Who eele Debl Ma.i\el Sdment ol BSE

DISCLAIMERS

THIS OFFER LETTER IS NETHER A PROSPECTUS NOR A STAIEMENT IN LEU OF APROSPECTUS ANO SHOUTO NOT AE CONSTRI]ED TO BE A PROSPECTUS OR A STATEMENTIN LIEU OF PROSPECTUS UNDER THE COMPANIES ACT, 2013 THIS OFFER LETTER HASBEEN PREPARED IN CONFORIVITY WIT}I THE SFCURITIES AND EXCHANGE BOARD OF INDIA(SSUE AND LFNNG OF DEAT SECURITIES) RFGULATIONS 2OO3 (SEBI DEBTREGULATIONS) ]SSUED UNOER CIRCULAR NO LAO.NRO/GNI2OM/13/127373 DATEO JUNE06,2003, TNE COMPANIES ACI,2013 ANO FORM PAS.4 OF IHE COMPANIES (PROSPECTUSANO ALLOTMENTOFSECURTIES) RIILES 2014. AS AA'ENDED T8E ISSU€ OF DEBENTURESTO BE LISTED ON THE WDM IS BEING MADE SIRICTLY ON A PRIVATE PLACEMEI{I B,'!9ISMUITIPLE COP ES HEREOF CIVEN TO THE SAME ENNTY SHALL AE DEEMEOTO BE GIVENTO THE SAME PERSON ANO SHALL BE TREATED AS SUCH THIS OFFER LETTER OOES NOTCONSTTUTE AND STI'f,l NOT BE DEEMED TO CONSTITUTE AN OFFER OR AN INVITATIONTO SUBSCRIBE TO THE DEBENTURESTOTHE PUBLIC IN GENEML. THIS OFFER LETTER SNOT INTENOED TO BE CIRCULATED TO MORETHAN 49 (FORTY.IIINEI ELI(}IBLE INVESTORS.IT IS IHE RESPONSIBILITY OF INVESTORS TO ENSURE TTIAT THEY WILL SELL THESEDEBENTURES IN STRICT ACCOROANCE VVITH THIS OFFER LETTER ANO OTHER APPLICABLELAWS SO THAT TNE SALE OOES NOI CONSNIUTE AN OFFER TO THE PUBLIC W]THIN THEMEANING OF TNE COMPANIES ACI APART FROM TNIS OFFER LETTER NO OFFEROOCUMENTOR PROSPECTUS HAS BEEN PREPARED IN CONNECTION WIIH IHE OFFERINGOF THIS ISSUEOR IN RELATION TO THE ISSUER NOR IS SUCHAPROSPECTUS REOUIREDTO BE REGISTEREO UNOER THE APPLICABTE LAWS ACCORDINGLY, THIS OFFER LETTERTIAS NEITHER BEEN DELIVEREO FOR REGISTRATION NOR IS IT INTENDED TO BE

UNDER IHE APPLICABLE PROVIS ONS OF THE SEB] DEBT REGULATIONS,IT IS NOTNECESSARY FOR A COPY OF TNIS OFFER LETIER TO BE FILED OR SUBMITTED TO THESEBI FOR ITS REVIEW AND/OR APPROVAI

THIS OFFER IETTER AND 'THE CO|lTEt,lT6 HEREOF ARE RESTRCIED OXLY FOR TlI€INTENDED RECIPIENT{S) WtiO I{AVE BEEII ADDRESSED DIRECTLY AxD SPECTFTCALIYTHROUGH A GOII*UNICATION AY TflE IBSUER OR THE ARRANGER AXD ONLY SUCHRECIPIEI{TS ARE EUGIBIE TO APPLY FOR THE DESENTURES. AfI INVESTORs AREREOUIRED TO CO PLY WITII THE RELEVAIIT REGULANONS'GUIDEIINES APPLICAELE TOTHEM FOR

'NVESNXG N T+IIS ISSUE. IHE COXTEXTS OF THIS OFFER LETTER ARE

II{TEXDED TO AE USED ONIY AY IHOSE INVESIORS TO WHOM rI |s |SSUED. TT ts I{OTII{TENDED FOR DISTRIAUTPN TO AIIY OIHER PERSON AND 5HOUI.O I{OT BEREPRODUCED AY T}IE RECIPIENT.

EACH COPY OF IHI6 OFFER LETTER S SERIALLY NUMBERED ANO THE PERSON TO WHOMA COPY OF IHE OFFER LETTER IS SENT, IS ALONE ENTITLED TO APPLY FOR THEDEBENTURES, NO INMTATION IS BE NG ]\'qDE-TO ANY PERSONS OTHER IHAN -IHOSE TOWHOM APPLICATION FORMS ALONG WTH IHS OFFER LETTER HAVE BEEN SENT. ANYAPPLICAIION BY A PERSON TO WHOM THE OFFER LETTER HAS NOT BEEN SENT BY THEISSUERSHALL BE REJECTEDWTHOUTASSJGN NG ANY REASON.

THE PERSON v\l.]O IS IN RECEIPT OF TNIS OFFER TETTER OFFER LETIER SHALL MAINTAINUTMOSI CONFIDENIIALTY REGARDING TNE CONTEMTS OF THIS OFFER LETTER ANOSI]ALL NOT REPRODUCE OR DISTRISUTE IN WHOLE OR P'fiI OR MA(E ANYAI\NOUNCEMENT IN PUBLIC OR TO A THIRO PARTY REGAROING THE CONIENTS HEREOFWTHOTJI THE CONSENT OF IHE ISSUER. THE RECIP ENIAGREES TO KEEP CONFIDENTIALALL INFORMATION PROVIDED (OR ]VIAOE AVAILABLE HEREAFTER), INCLUDING, .IIIIHOUTLIMITATION, THE EXSIENCE AND TERMS OF THE ISSUE ANY SPECIF6 PtslslNGINFORI,ICTION RLLA ILD ,O IFE ISSUE OR TIE AMOUNT OR TFRMS OF ANY I -L9 PAYAiLATO THE ARMNGLR OR O HFR OARTIES \ CONNCCNON WITH TTE ISSUL, IHI6 AFFERI ETIER MAY NO] BL PHO OCOOIED REORODIJCCO OR DISTC BUTEO TO OiHiTS AI ATI

)1 ,2'-:1//,-/

I l;-' I?; ....

ei-REniD upon wrH REsPEcr ro sucH suBscoJEN- FVLNTS w-Hou/r--FtllcoNFIRMtNG |fs AccuRAcY wrrH TFE lssl.lER , 1,'

TIME WITHOUT THE PR]OR VIRITTEN CONSENT OF THE ISSUER UPON REOUEST' THERECIPIENISWILL PROMPTLY RETURN AlL MATERIAL RECEIVED FROMTHE SSUER ORIHEARMNGER ANDr'OR ANY OF ITS AFFILIATES (INCLUDNG THS OFFER LETTER)WITHOUTRETAINING ANY COPIES NEREOF.IFANY RECIP ENTOF THIS OFFER LETTER DECIDES NOTIO PARTICIPATE IN THE ISSUE ftTAT REC PIENI MUST PROMPTLY RETURN THIS OFFERLETTER AND ALL REPRODUCTIONS WHEIHER IN WHOTE OR IN PART AND ANY OTNERINFORMATION STATEMENT NOIICE, OPINLON. MEMORANOUM EXPRESSION OR FOREC'STMADE OR SUPPLIED AT ANY TIME N RELATION THERETO OR RECEIVEO IN CONNECTIONWITH THE ISSUE.TOTHE ISSUER.

DISCLAIMER I{ RESPECT OF JURISDICTION

TI'IIS ISSUE IS MADE IN INOIATOIHE ELIGIBLE II{VESTORS, WNO SHATL BESPECIFICALLYAPPROACHED BY THE ISSUER THE DISTRIBUTION OF THE OFFER LETTER OR THEAPPLICATION FORMS AND THE OFFER, SALE, PLEDGE OR DISPOSAL OF THE DEBENTURES

MAY BE RESTRICTED OR PROHIBITED BY LAW IN CERTAIN JURISDICTIONS. RECIPIENTSARE REOUIRED TO OBSERVE SUCH RESTRICTIONS AND THE ARMNGER AND TSAFiTLTATES accEpr No Ltaa[try ro ANy PERSoN lN REIATIoN To rHE 0 srRlBurloN oFINFORMATION IN ANY JURISOIC'ION

THIS OFFER LEITER DOES NOT CONSTITUTE AN OFFER TO SELL OR AN INVITATON TOSUBSCRIBE TO DEBEIJTURES OFFEREO HEREBY TO ANY PERSON TO WHOM IT IS NOTaiicrF cALty ADDREssEo. aNy otspuJEsARrsrNG ouroFTHls lssuEWLL BE sllBJEcrioli+ ror excrus vr rntsorcrroN oF THE couRTs oF CNENNAI rHls oFFER LETTEROOES rcT COTSTITTTTC * OFF€R TO SELL OR AN INVITATION TO SUBSCRBE TO THEoieaNrunes HeaerN tN ANy orHER JuRtsDrcrrortt Atlo ro ANY PERSoN To rryHoM lr lsaNLAwFUL To MAKE AN oFFER oR rNvlrarloN lN sucH JURlsDlcrLoN. THE SALE oRiner'rsren ot rHEsE oEBENTURES oursrDE INDIA NIAY REqulRE REGIILAToRYAPPROVATS IN IND A, INCTUDING MIHOUT LIM]TAIION' THE APPROVAL OF TI'IE RBI

DISCLAIMER OF THE ISSUER

TTIIS OFFER LETTER HAS AEEN PREPARED BY THE ISSUER SOLELY TO PROVIDE GENEMLtiroiMerroN aaour rfe ESUER AND SETTING our rHE KEY TERMS uPoN wHlcH THEoielNruaes ,\ne eerNo tssuED To ELIGIBLE lrlvEsroRs ro wHoM T ls aDoREssEDIITO WXO ECC WTTINE A{O CLGIBLE IO SUBSCRIBE TO THE DEBENTURES THIS OFFERi*ria irces rcr pueponr ro coNralN ALL rHE lNFoRMArloN Trtlr ANY ELIGIBLEIVCSTOC U,TY NCOUIAE, FURTHER IHIS OFFER TETTER HAS BEEN PREPAREO FOR

ir,iroanrerror puaposEs RELATTNG To rHs rRANsAcrloN oNLY AND uPoN THEiipiiss uroecsrrrotrc rxnr tr wLL BE usED oNLY FoR THE PURPoSES sET FoRr]rHEREIN.

TIIE ISSUER CONFIRMS THAT, AS OF THE DATE HEREOF' THIS OFFER LETTER (|NCLUDING

iiE oocuruenrs lcoaponrreD BY REFERENcE, lF ANY) coNTAlNs AtL INFoRMAnoNrili s rvrerrarer tr rse cotrrExT oF THE lssuE AND REGULAToRY REoulREMEMrs lNaii-croN to rHe tssue. ts eccunaTE rN ALL lvarERlaL REsPEcrs aNo Nor MISLEAoINGir.r ,lw rvarenrer nesprcr THE lssuER HAVING MADE ALL RE'SoMBLE lNQUlRlEsJirddnrexes rr*r rxe oprtttoNs aNo TNTENTLoNS EXPRESSED HEREIN ARE HoNESTLYieio ero ruece eae No orHER FAcrs, THE oMlssloN oF wHlcH MAKEs rHEsEOOCUIUEMS IS I WTTOTC ON ENY OF SUCH INFORMATION OR THE EXPRESSION OF ANYsuCi oprnrors or tmempNs MsLEADING lN aNY MATERnT REsPEcr rl'lE lssuERcolrrrilrs rnm arr tuonuATloN CoNSIDERED ADEoUATE arlo RELEVaNT To rHEssleias eeeN vaDg,vltLABLE rN THrs oFFER LETTER FoR THE usE aND PERUSAL oFixe Fo-renrr,qt- twesrons mD No sELEcr vE oR ADolrloNAL lNFoRivarloN wouLD BEMnoi everr-eere ro aNv secmoN oF rNvEsroRs lN ANY MANNER wHATSoEvERirE rssuei ooes Nor uNoERTA(E To rJPoArE rHE oFFER LETTER To REFLEcTsiieseoueNr EveNrs errEn rHE DATE oF THE oFFER LETTER AND THUS r sNouLD Nor

NEITHER THE DELIVERY OFTHIS OFFER LETTER NOR ANY SSUE OF DEAENTURES MADEHEREUNDER SH'trl, UNDERANY CIRCUMSTANCES, CONSTITUTE A REPRESENTAT]ON ORCRE:ATE ANY IMPLICATION TNAT THERE HAS BEEN NO CNANGE IN THE AFFAIRS OF THEISSUER SINCE IHE DAIE HEREOF

9ISCLAIi'ER OF THE ARRANGER

THE ISSUER HAS MANOAIED ANO AUTNORIZEO PIMMAL FINANCE PR]VATE LIMITEO TOACT AS AN ARMNGER FORIHE DEBENTURESANO TO DISIRIBUTE EITHER ITSELFANO/ORTHROUGH ITS AFFILIAIES TNIS OFFER TETTER TO IDENTIFIED POTENTIAL INVESTORSPIRAAiAL MEANS PIRAMAL FINANCE PRVATE LIMIIED AND ANY GROUP, SUBSIDIARY.ASSOCIATE OR AFF]LIATE OF PIRAMAI FINANCE PRIVATE LIMITEDAND THEIR RESPECTIVEDIRECTORS, REPRESENTAI]VES OR EMPLOYEES AND/OR ANY PERSONS CONNECTED

RETAIN TNIS OFFER LETTER HOWEVER YOU AREOF THIS OFFER LETTER AS INVESTMENT. LEGAL.ADVICE, AND YOU SHOUTD CONSULI WIIH YOUR

ACCOUNTING, REGULAIORY, TAX, FINANCIAL ANOINVESTMENT IN THE DEAENTURES, THEARRANGERNoT coNDUcTEo ANY DUE DILIGENCE FEVIEI4

HOLDERS EACF]OF TIIE OEBENTURE HOLDERS SHOULO CONDUCT SUCH DUE OILIGENCEON THE ISSUERANOANYOTHER ASPECTS OF THE ISSI]E AS IT OEEMS APPROPRIATEANOMArc [S OWN INDEPENDENT ?"SSESSMENT TF]EREOF

THE ARRANGER ANO/OR ITS AFFILIATES ARE NOT RESPONS ELE FOR UPDATING THEINFORMATION PROV]DEO HEREIN.IHE OLSTR BUTION OF THS OFFER LETTER OOES NOTCONSNTUTE A REPRESENIATION OR WARRANTY EXPRESS OR MPLIED BY THEARRANGER AND/OR ITS AFF LIATES TNAT THE ]NFORMATION AND OPINIONS HEREII'I WILL

BE UPDATED AT ANY TIME AFIER THE DAIE OF THIS OFFER LETTER THE ARRANGERANO/OR 1TS AFFITIATES ARE NOT RESPONSIBLE FOR NOTIFYING ANY RECIPIENT OF ANYINFORMATION THAT COMES TO IHEIR ATTENTION N RELATION TO THE ISSUE OR ANYINFORMATION COMING TO THEIR AIIENTION AFTER THE OATE OF THIS OFFER LETIER NORESPONSIBILITY OR LIABILITY OR DUTY OF CARE IS OR WILL BE ACCEPT€D BY TI'IEARMNGER AND/OR ITS AFFILIATES FOR UPDATNG OR SUPPLEMENTING THIS OFFERIETIER OR FOR PROVIDING ACCESS TO ANY ADDITIONAL INFORMATION AS FURTNERINFORMATION BECOMES AVAILABTE

THE OFFER LETTER IS NOT AN OFFER OR INVITATION TO PARTICIPATE IN THE ISSUE OR A

RECOMMENDATION BY TI]E ARMNGER AND/OR ANY OF ITS AFFILIATES TNAT THERaarirEMr sHouLD paRncPATE tN THE rssuE THls oFFER IETTER ls SUPPLIED SoLELYrO ESSST TI E RECIPIENT IN DECIDING WHETHER IT WANTS TO l\]vESI IN THEDiBENTURESAND SHALL NOT BE USED FOR ANY OTHER PURPOSE THE OFFER LETTER IS

IIiTT IMCIOCO ,TT'TO SHOULD NOT AE USED TO FORM THE &"SIS OF ANY CREDITrixerror reel oR orFER EvaluArro'l rHF RFcIPTENT sHoulD cor\slJLT lrs owNre

OR ENDORSE THE CORRECTNESS OR COMPLETENESS OF ANY OF IHE CONTE TS OFTHIS OFFER LETTER, OR THAT THE SSUER'S DEBENTURES WILL AE LISTED OR l]vlllCONT]NUE TO BE LISTEO ON THE BSE, THE BSE DOES NO] T'(E ANY RESPONgA LNY FORTHE SOUNDNESS OF THE FINANCIAL AND OTHER CONDITIONS OF TIIE ISSUER. ITSPROMOTERS, ITS MANAGEMENT OR ANY SCHEME OR PROJECT OF TI.]E ISSUER. EVERYPERSON WHO DESIRES TO APPLY FOR OR OI}IERWSE ACQIJIRE ANY DEBENTURES OFTHIS ISSUER MAY OO SO PURSUANT TO INDEPENDENT INOUIRY. IWESTIGATION ANDANALYSIS AND SIIALL NOT HAVE ANY CLAIM AGAINST TI'IE BSE WHATSOEVER BY REASONOF ANY IOSS WHICH I\iAY AE SUFFEREO BY SUCH PERSON CONSEAUENT TO OR IN

SUCH SUASCRIPTION/ ACQI'IS]IION WHETHER BY RFASON OFOR OMITTED TO BE STATEO HEREN OR ANY OIHER REASON

DISCLAIIIER OF THE SECURMES AI{D EXCTIANGE BOARD OF INDIA

THiS OFFER LETTER H?S NOT BEEN FILED WITH OR SUBMITTED TO SEB. THEDEBENIURES HA!€ NOT BEEN RECOMMENDED OR APPROVED BY SEBI NOR OOES SEBIGUARANTEE THE ACCURACY OR ADEOUACY OF IH S DOCUMENT.IT IS TO BE DISTINCTLYUNDERSTOOD THAT THIS OFFER LETTER SHOULO NOT IN ANY WAY AE OEEMEO ORCONSIRUED TO HAVE BEEN APPROVEO OR VET-TED BY SEBI SEBI DOES NOT TAKE ANYRESPONSIBIIITY EITHER FOR THE FINANC T SOUNDNESS OF ANY PROPOSAL FOR WI]ICHTHE DEBENTURES ISSUEO HEREOF IS PROPOSED TO BE MADE OR FOR TNECORRECTNESS OF THE STATEMENTS MADE OR OPINIONS EXPRESSED IN THIS OFFERLETTER. THE SSUE OF OEBENTURES AEING MADE ON A PRIVATE PIACEMENT BASIS,rILI\IGOI IS DOCUMFNTWITH SEBI IS NOT RFQUIRFD HOWCVLR SIBIRESERVES THERIGHT TO TAKE UP AT AI.IY POINT OF TIIVE. WTH THE ISSUER. ANY IRREGULARITIES ORLAPSES IN TNIS OFFER LETTER.

DISCLAIIiEROFTIIE DEBENTURE RUSTEE

TNE DEBENTURE TRUSTEE DOES NOT UNDERIAKE TO REVIEW TNE FINANCIA!CONDITON OR AFFA'RS OFTHE ISSUER DURING THE L FE OF IHE ARMNGEMENTSCONTEMPLATED BY THIS OFFER LETTER ANO DOES NOT HAVE ANYRESPONSIBILITY IO ADVSE ANY INVESTOR OR PROSPECIWE INVESTOR IN THEDEBENTURES OF ANY INFORIVIATION AVAILABLE IMTH OR SUBSEOUENTLY COMINGTO THE ATTENTION OF IHE DEBENTURE TRUSTEE. ITS AGENTS OR AOVISORSEXCEPT AS SPECIFICAILY PROVIDED FOR IN IHE OEBENTURE IRUST DEED.

THE OEBEMIURE TRUSTEE IIAS NOT SEPARATELY VERIF]ED THE IIIFORMANONCONTAINED IN THIS OFFER LETTER ACCORDINGTY NO REPRESENTANON.WARRANTY OR UNDERTAKING EXPRESS OR IMPLED, IS IVIAOE AND NORESPONSIB LITY IS ACCEPIED BY DEBENTURE IRUSTEE A"S IO THEACCURACY ORANY OTHER INFORMAT ON PROVIOEO BY THE ISSUER ACCORDINGLY. OEBEI\'TURETRUSTEE /'€SOC|ATED W TH THE ISSUE SHALL F]AVE NO LIABILITYIN RELANON TOTF]E INFORMANON CONTAINEO iN THIS OFFER LETIER OR ANY O'THERINFORI\,IATION PROVIDED BY THE ISSOER IN CONNECTION WrIH TIIE ISSUE,

THE DEBENIURE TRUSTEE IS NEITHER A PRINCIPAL DEBTOR NOR A GUAMNTOR

ID

THE INVESIORS ACKNOWTEOGE BY THE RECEIPT OFTHIS OFFER TETTER THAT THEY' 0ARE KNOWLEDGEABLE AND EXPERIENCED IN FINANCIAL AND BUSIN€SS MATTERS. HAVEEXPERT]SE IN ASSESSING CREOIT. MARKET ANO ALL OTHER RETEVANT RISK ANO ARECAPABLE OF EVALUANNG AND HAVE EVALUATED. INDEPENOENTLY THE MERITS' RISKSAND SUITABILITY OF PURCHAS NG THE DEBENTURES, (ID UNDERSTAND THAT THE ISSUER

HAS NOT PROVIOED, AND W]TL NOT PROVOE, ANY MAIERIAL OR OTHER INFORMATIONREG\ROING THE DEBENTURES, EXCEPT AS iNCLUDED IN IHE OFFER LETTER (III) HAVENOT REOUEsTEO THE ISSUER TO PROVIDE IT WITH ANY SUCH MATERNT OR OTHERINFORMATION. (M HAVE NOT RELIEO ON ANY INVESTIGATION TIi\T ANY PERSON ACTINGON THEIR BEHAI' MAY HAVE CONDUCTED WTF] RESPECT TO THE DEBENTURES' (V)HAVEII,UOC NEIN OVI WVESN'CUT DECISION REGARDING THE OEBENTI'RES' (VI) HAVE HADACCESS TO SUCH INFOR|\1|AIION ]'"S DEEMED NECES9CRY OR APPROPRIAIE INc6thr:crpt wTrr puncrurse oF THE oEBENTURES AND MD UNoERSTAND ftrAT, aYiincnrse oa xouo r.re or ttlE DEBENTURES, THEY ARE assuMlNc ANo ARE caPABLEdi aienne rxe nrsx or ross rHAT MAY occuR wlrH REsPEcr ro rHE DEBENTURES.IIICTUOI E IC POSSIE Iry THAT THEY MAY LOSE ALL OR A SUBSTANTIAL PORTION OFiHirR TNVESTMENT rN lHE DEBENTURES AND THEY wlLL Nor LooK To rHE aRRANGERariD/oR ANy oF rrs aFFtLtATEs FoR ALL oR PART oF ANY sucll Loss oR LossEs rHAr

NEITHERTHIS OFFER TETTER NOR ANY OTHER INFORMATION SUPPTIED IN CONNECTION

VIITH TNE ISSUE OF DEBENTURES IS INTENDED TO PROVIDE TNE &'rsIS OF ANY CREOTOR OTHER EVAIUATION AND ANY RECIPIENI OF THIS OFFER LETTER SHOULO I]OT6iiG oei suoi aecetpr es a REcoMMENDATIoN ro puRcHAsE ANY DESENTURESEiCi iTWCSiON COT'TTCUPTE-rI G PURCHASING ANY DEBEMIURES SHOULO MAKE ITSOWI INOEPCIOEM IWCSIOE-ION OF THE FINANCIAL CONDITION AND AFFAIRS OF THEsCuen. mo rs ov\m APPRAEqL oF THE cREDlrwoRrHlNEss oF THE lssuERiorlNim tNVEsroRs sHouLD coNsuLT TNEIR or ill FlNANctr, LEGAL Tax aND orHERinoiissrour eovsons ns ro rHE RlsKs ANo INVESTMENT coNslDEMTloNsARlslNGiiOi,T ETT IIWESTUCI\|I II TUE DEBEIJTURES AND SHOULD POSSESS THE APPROPRIATEiisouaces ro aurvze sucH TNvESTMENT ANo rHE sulr BlLlrY oF sucl_t INVESTMENTio sricn twesroas paRlcuLAR clRcuMsrANcEs PRosPEcrlvE lNvEsroRs AREiiournl=o ro uexe rretn owN TNDEPENoENT EVALUATIoN ANo JUDGMENT BEFoRE;A:Na rHF ,wEsrMENr A o aRF BF rEvED ro BL U(PER FNCFD lN rNvEsllric rN DEBr;s"iia a o ARE ABLL To BEAF TliE EcoNovlc RlsK or rwEsllNc lN sucH

THIS OFFER LETTER IS NTADE AVAILABTE TO POTENTIAL INVESTORS ON THE STRICTuriirensienorrlt rnar r rs coNFLDENTAL. REcIPLENTS sHALL Nor BE ENTITLED ro usEiiii cii iniilrontrtarror orHERwrsE TIAN FoR rHE PURPoSE oF oEclDlNG wHETHERii'i

"-oi ro rNveir rrr r nc oeeENruREs. -rrE PLRSoN wHo ls l',1 REcETP I ol rHls oF FER

.-i n in s-rerr ror aepnooucE oR DrsrRtBu t L tN wHot F oR PAR oR MA

WTH THE ISSUE, TOTHE ISSUERNO PERSON, INCLUOING ANY EMPLOYEE OF THE SSUER, HAS B€EN AUTHOR SEO TO GIVEANY INFORMATION OR TO I!1AKE ANY REPRESENTATION NOT CONTANED IN THIS OFFERLETTER. ANY INFORMATION OR REPRESENTATION NOT CONTAINFD HERE N MUST NOI BERELIED UPON AS HAVING BE]NGAUTHORISED BYOR ON BETTALF OF THE SSUER NEITHERTHE DELIVERY OF THIS OFFER LETTER AT ANY

'IME NOR ANY STATEMENT I,IAOE IN

CONNECTION WTH THE OFFERING OF' THE DEBENTURES SHAIL UNOER THECIRCUMSTAACES IMPLY TIIAT ANY INFORMATION/ REPRESENTATION CONTAINEO HERETNIS CORRECTATANYTIMESUASEOUENTTOTHE DATE OFTHISOFFER LETIER.

PMk'tu.aArdat

!n

!

h

Name. address *bsito and odrer onlact debils ornd'@t is borh rcq Biercd oifie and 6lFoE!9!l[!q

ALs,ress €.'{ on bY ll'. .orpa

G1l

A '-rr.ncrr.rsri 'ha 1...q.rea oI$" romF.v,

Naffi sddrs*. prN and duoaiions ol!!!j!u!!l9ElMa Ese!94: p!!41!i9r 9:!!!

s Derairs dr d€taull, if any, including lhe€in the amount rnvorv.dduElioi of ddaun aid p€3eil siatus, ln €paymenr ol

() debentuEs and nleest $ereon,( i) depGns and nleer tiercon;r.., l@1 ror 6fY ban! o lnen.'J

xa.e;d;s'srfu addF* sd ohor. .uroe' etra'r ro oI rrn dat isd€l@ ofi.4 ol tt m

PARTICULARS OF THE OFFERD.te o',Fs1o ol board 'e$

utior.-DaF; p.ss ol ed hol " rFe g€ne?r Tedns 4tonTinstne ofle' o qe-L'!$

a

kiF*t srcurlties oerea (e thethe, shae or d€benrue)and

'*;.i*nnhi; *a, ry sofls o-.@ 'r(,ud 1s the o'eTutr r

Nam6 €nd add€ss of lhe valu€r who p€domd €ruarcn or ne9cultvo"eFdarc Jnl w1.n 0 e @np€1y int€1ds lo a'gs or !?rtd Ru::srem:-a EEi;; or s€tis Do edend o EF or Ie€sr nde ol p.r'!!1?!!!l!!9Tcntp-rc.3. e shcdl|e ro' ,hEf n6 ofier lds s v9! d

codFon'ol bera n*e by r\e pDan or he one o' *pa€blyrrl!!!!E!!9!lll!!!9q-€(1sfimd€ls ra*ers charced as sclqryJlpPlg4lgjDISCLOSURES IIITH REGARD INTEREST OF OIRECTORS,

,fv ('@ial o'otf e mdel.r irleFi ol f € d'redoB plmoter( "k€i rm"qtrErpeaqd 1$eoter * ra' ?s : F d''b'en hn tFe irledls o'l!!9rriE9!!deb s ol a1y i'gauon o' lesal .cion prnd'ng or Elen Dv arvMinicrd or DeDannent ol $e covenmenl or 6 shturorv authorlvaoa'.sia1r p'onoHor lT offe€..oTpa.r dunns t\e lastlh€e,;a6

'rn;d,a@v p,e@nq tF y". or he r lrrdxon o. r\e one

iene' a1d a1r o"*tol6*ed b" sr1M1"1o oepadtrell o'sElJ@daL'lno,ilvJDor@I|Ls'o..']guc\|'lidafolo'|ega|ad..shallbe diq.losedRefur€€lq 9!!!E9F (duins \e cLtrt v

ffi rlRelated parry lran$dlions enter€d duinq rhe ta$ thr* tin.ncalyears immediarery pEded ns the yea ot circutalion o{ olfer telrerincludng wjlh rcgdd ic oais made or, gua€iiees gven o.

Gror> o' advoe Fnctu otaar nmed aro r p ?dFd.1q f€Jbalo''ilJ]dlio1oIo1e.|euP.a1slrlemenls and linanciar posilion of $€ @m@nv and lhe @rccl v€sreps laken e.d propo*d |' be taken by rhe ompany ror each ofrhe s d r€seryalons or qualir@hons or adverce €mad<

nspeclons or nresriglrons intEted or@nducten under the Compan€s Acl of zny previous mmpany tfl

?c.o1s'trea.ol.n(u'cliorolotbl eterintheca€of @mp6nyandalolilssubsidides A$

d 'wTFe'

peld'4g or no') hr€s

'rpos6d .o-porndns

mmed arery p€ced ns th€ yea of the oftbr tener and f so. section.w $ d6rac rheref for me @mp.ny and al of lqsubsidiar esDeta s ot.cts or naier ar fiauds @mmifted aga nsi me compaiy in

fIiIAI.ICIAL POSITION OF IHE COMPANYm€ company in lhe rollwing manner iislbr rbed ar oao Lo

A DECLARAIIO AY THE DIRECTORS 'IIIAT.(a) rhe dnpany h.s splied w'lh ihe pdEiorc or fE

comp6ni* ,€r and tE rules made $€€underrb) $e mtrd'aie wlh lFe ConP

ifrpry tEl paymenr ot dividend or inl€Est or rcpaymen! oldeb.nl!6, if applieble, s guaE.led by the Cenhzl

lc) tla ronr6 Ecewed unds $e o'br stell be u*d onlY b' tleumo*3 and obEls rndraed

'n tle ofls lefter.

8!s!49r!c!!c-e949!iE-9flE9-d.tdecs

No 1s Wan* G.r!€n 2- Sf€rNung.mb.kkn, chenn.i - 6c$ 006E Mail : a@unb@vgn. n Wbbtlei 9w.W..in

Bu.ir-. qni.d on by rh. l..u.r .d lt8 .ob€:.tbn.. wnh det tt. of the b6nch6 or unh., r

The lssus is a pdvale limit€d @mpany €ngqged in lhe busines ot @l *tate deveLpmonr Thelsswhasnosub€disrbs bEnch€s of un ts.

VGN D€Elop€€ PriEt Lmited. M. in@.ro€led as a pntde tmit€d .ompany uider tECompen es A.l o March 13,2003 havjng iG regbie@d otre at No 15 Watt*6 Gard€n 2nd.treetNunganbakkao, Chenna 600 006 w n tne CorDorate tdentit€ijon Numb€r {CtN)! 701 02TN2003 PTC066733 .

The dain ob €cls ol dE msmqedum of ..sbtan ol tE lsuer a€:1) lo acquic and snd build ng by puEhs, lea*, enl or boy olher hens2) to rcft 6 Ardit€.b; EnginsE .nd Conlr..ts io. canylno olt oiMl @Bt klion ff*6co@Er. $ruc{uB of tho h.u.r

The ls@r Ms ii@rpoEted und$ lh€ c.mp.nies a.t, 1956 6 a ldvaie -mp.ny. llmied btsh.6,wfl .n initirl auurorls€d shm €pir. of rNR 60,00,00,000 divided into 6,00,00000 e{uitv

ii,,3. vGN D*lopeis Prn Lid. i5 pEtuisd by Mr D PElish *no diE [y .nd indt@uy hotd th€m4or y of lhe eq0liy sha€ epiEl.

K€y Op.Etron.r lnd nnan.ht paddelcE for th. t..t the .udit.d y{E

2

3

tit to 4d afrs i@ 6 th. dabt *un

Doia,Js olthd dftd aiEll'r ofr,ie t5s-1r'

Pniact @5t snd reans at tkanciw, h @s al ftndkg ol rew prcieds

.m.on.nt ol lh. keu€ras p€ilFe

^rtd* ol agsdjon. rt l..Ls 5 €qu

'ed b h.re nol r*s

'ian 2 .1d nol moR han 12

D.t il. or rh. OhctoE ol the l$u.r

212.19

055-iir€s {atter d.srdenns Edorelrs NcD s ol 270

l,

DIN:

DIN:

v N c€wdoss, Di€clor,

D P.dm. ,ldditional

BaskaGn B, Add lonal

O*adoss Padma. DiEclor

Dvya Verui, Dl@tor,

Dehits al chenae in diEd6 sk6 tast th

r subt*t ro f hg of nec6ery foms with ie Roc I

Risk F.croE in Er.iron lo lhe D.be ur€An kvestrc tn Dobiltures hvalves a high d.gte of d6k hvestqs snautd @tefu\| cqsidet enhat ke to .wing reR fa.las and al rhe klmatioh set ,onh in rhB ofi6t Lettet before n.kino dnn6in4t k at Debantu@Risb i. tr.ladon to hdr.n .*et Economy .nd pofticd Snudiontho .isks ard ,r6,ir,rr@s cb$rbed in this *ctbn dE not ke ontu nsks a1d he t$ret curendvraree Ad anat B^s dnd un@^aetbcr o, rho /ssrer:s breresr Esu/rs ot.p.hti.ns dhtJ frnanaiet cdtdtbn

RGk FaoroF in bhton 1o the r*uerI ny panicuhr q we 4nkkatitus af the taltNkA istr u oket hsks kat a6 hot curenky kntunTtudty e., tl€ b6in6ss p@sp61s, ,eelts ol q.hrians and fkancpt Mdt6n ot the tswt eukjbr ad@6att af@ ted. ItB .ctL.t @nene ot srch nsks win ate .fiect th. tEdihg pi@ ot keDdb.nluhs atut Lhe @tre ol yau keesthent @t 1 declin u be tosl

D.t r|3 or Dof.urr in rp.ym..r

oerars ofdereu(. ifany nctodn9theein$eamounlinvotved duElionofdehott.ndo€se sialu3

(r) 6iarur0ry dues NrL .l.z

debentuEaid nFrst lheGon .

5L

NCD

rc) deoGil8 and nbe€3trh€M: NIL(d) r€n trm dy b€nk or finandal inslitu$d and lnieestlheEn NIL

No 15, W.Llce Gadei Streel Nuno.mb.kk€m

No. 15 W.l a@ Gaden Streel, Nlngsmbakk?m

Plr.ml Fl.ance Pdv.t umil.dll & F3 Tto.t cdp.ny Lrd,,

Comp.ny Secot ry oI$.l33ud

comFny s*Elary in p€cl e

conplb@ olfiBr ol lho l6u.r

Inv..loE can .dficr ln. @nplan6 ofilc.r In *e ot any PFlau. or Pct k.u. t l.Ldpbbr.re 3u.h D no|l@eits ol l.tLE ol.llotmenl lf .ny, etc. In th. EPeliv. b.n.flcl.rv.ccounr or Etund ord.E, .tc.

ArEng.F of rh. iEtrun.irD.b€ntuE Truds ol th. k.!€

The LtebentuG IrusiE€ for ln€ oebentue8 bein! bsu€d uider th s lsue ie lL & FS T46t comp.nvLd and has aD€n E @r3e1. tj i6 apoo'nlmI a5 Debenue I rusE io d€ lslLe and n.lus on ors iame

'n tm for snd mlgn

'n {n|.h tr app€:ts n fi's olt t.tl€t Mde

'ts leFr dacd 30"

JanJary ?Ors '*ued E rhe l$ue' by tF De€rlLre Trus@ anffdrdtun as or tre tm€ o! I1trg h's olle len€trsr1tr BsE sLch *da€lo. wilb'melbn€d h

all sub*qoent pedodi€l @mmuni€lions *nt lo tE Debenlu.e Holde6 The copy ol the consentledei jtor L & FS Ttust Company Lid., !o acl as lrusiee ror and on benar of tle holdeE olD.banru@ is ann*d s Anndu€ 1 \CoNnt Laaet lm D€&ntm Irct t).

Fnm rsgislElion no.: 0095? S3E.3d Flw JmdF@lChsb8E26153 G@ns Road, Channai - 600 006.

cherieEd ,@unl4l6 h4 bs audilDts oflhe rssus siice Fy2009 l0oMrdstt@. w6 ttot A@k:ttt

R.cognf.d .lo.t .rch.qr wh.D tlE d.bl ..curldE rB pbpo.rd lo be lLtedTh€ DebenbEs are prcpo*d lo be bl€d on dr€ Who €*16 D€bt M.*el *g@nt ot ASE.The .letaib or the BSE aE as pEvided b€lw:

Photus : e12r272rr*. e1 22$6545605 (Hr,0ns)

PARNCULARII OF THE OFFERAu$otlty lor th. pL..n..tIhG ffivate pb@nst oI Debentrres i. mut pl€ TEnche 5 b€ing ma.re poFua.t to

'le t€turion of

the Bo..d .f DieclDF p.*d sr its mo€ring h.rd on ti January 2015, *tich has appr*d th€d*m.nt of llebentuEs uplo Rs. 400 crcE. Th€ shmho de6 of the tsuer ha€ vide a Estut onrl,aied 11o Dec 2014 app@d th€ irsu.ne of oebenruer upio a. aggregate amdnt of Rs 400

Th€ pEst *u. of Rs 40o 00,00,000 (Rupes folr hundcd crce ontyl is whin he gEi€Elb.ming limi' in lem ol tE Eeub. pa$€d undd s-lron 13q1xc) ot $e compani€s A.l,2013.rrh€GenehlM*tnqoltheshaEhotd€cottEt$u€rhedonltiDe@nber2014 giMnglh.n Mr6nr b $. bontu n9 by the DirstoB ot th€ lssuer lEm [me io time not ereed ng tu. 400

40,000 *cur€d edeemabte. nonsnv€drbtedebentuB *u6d ln dematqari4d fom ol rh€nomiml Elua of INR 1.00.000 sdrassEsatins b not m€ rhrn rNR 4! 00,00.0m\,GN Dew opeE Pn!€ie Lrm Ed

sdr€d, R€dsm.bre, Nonon@dibteTn€ D€b€ntuEe .E secured by @y of *dit@ied Nr the

'denr'led pbp€t{c

t@,€blee or he lsud and th

Prde pbcemalrhiough mtrrip. T€mhesdur n9 the Ava abilyFer.dIranche shal be srbscr"red wrhin a perod or61si,) monlhs riom lhe mmedat.y prd.edns

zu6ti;€rbmL nino { lmrudinq 6e or sroct bsange(s)wherc nw be Ishqd aflr limelide lor istrns)

oi;r"n ra".**"bs pfon t.1l]lM lPdlpce ar!1 Obieds or rft rssB

cJ€rairs ol 0E Lrl'l'sal6n or lh€ pr@€d3

dFn-P3yme;;r€qki.y

6ud;Gaffi;@sAt"a;dtetrd€ da!149!e!!9F-C!!!!@l91c)

Sep Up/slep0@n Coupon Ra{€

Any renaniq lnsubsdbed amounts sha bei s!bseq!enitTanches

rN"t+p caue I- Reoiyred .r .,srns *"{o,rvenbi"

prvate psEment

DeveloPm€nr .harges

. G,n€': .o4!!le Purposc

iloo pa mrum rompounded qF lerv

t3n BusFs DJy o' Fd F6G'oGrrer

Ad,a|A.lud

mt,pplcatle

From $re Demed Dalof Allohcntior eaclrTGn.heuni rhe Fina Redempion D3rerEnlhe| 5i mon rsdn'r r59Es

Dehrlrovedre Inlecq! Fare

Redempbon F€mrn/D;;ua

ln FcalD;-h-. iG;; P@D s6unl3r*h'.h secur ,

's Bsqrd and ilre

efr*lveolNn ae € relq I af such dl@unl

€n.he 1j0 Monrhsand20 daysr-M,^f:oro ror at I F.'

Equa qLadery nstalhenc

a pe, the Fmn d wdr nqs dtre orrh.Ertl!lp!!A

N.lappclde

aNr iLa'h.{h rd m!trDbr o '.tF

I ra'h lrr' rarutrv r0 s -" M*.h r0is

jiMJ.h,oE

j j _ rvlar.rr 21 i5 Isue rim i9 forihe olherTEnches sha bo

sharsn b0 wth n rhe Ava ab y P€nodAny rcmanns lnsubscrbed amounrs sharbe

wrr n rrieAva'lab (y PefDd

DemaloJry

can opi oiruolorta'y Redem/onosG

a;r,vorrF,r RaC;p@ Nolileiioo nme

-"T:1lyiYlopt6tGiXoiir€rs

ib;iitaG-i

4 oe4hed Dare dl aioln€nt

lr!.nF mode ot lhe lnntumentftd ne m-ode or h€ hs niaafr;mo, modo or thP i;eriienr A oaymeib musi be made thro!sh djequc(s)/

denand darils)/ransferr EFr/ RTGS

A day lother rrran a s:rurday or sundayj ofwh.h banks are open for oenera bus n€ss 0

;l ;l''

i.u ty (where a p .3bie) rln.ludinqd65.riplon, type ot se.urly ryp. bt .harce,lik€lv lare nt crearion ,i ssuil!. hinmud*,lrty @e,, rcvalua!:on. red#ment i{

Dsre la nq 51fve)days p.iorro.n vJrr Lrr lhe 0ebenr!re Hodere

o a nr* dnk rc *c Fivc En

Tlre €venis sbpulal€d under cau* 10 of rhe

as per sEBl (DebenluE rruste) Regualions,rss3, sEEr (ssue and Lsrns of Debts&ur ies) Regularion, 2003, comprnias ,crthe simpifed risrins aoeemen(s), 6ach asamended frcm irme ro hme rLaws or India and rhe non-exctusiveofcouds and rdbunels ofchannai

lllusration of aond Ca3h Fro*

Aspef$6 SEsrCru srNo CrR/tMO/DF/r3/2013 daled Oclob€f29,2013, rhe €sh fiows emenatinolr@ tr O.b6TLF6 ro rEr,rc|a oy@rotsn,t,rsrarorThis ca culalon B based on lre assumAoi mal rE D€€med Dare orA ornent ior rEnche tw beon February 06 201 5 aid the soh€du t€d €dempbon daE is a Busins Dav and is me€tv il ushliveI mec is . chaiqe ii rhe Demed oare of a]tolment, Qtataliorc wt I change a.@d ngty

This €rcurabon is based on $6 asduhption lhar lhe D€€med Date of Aflotment to. Tranche fl sin beonlr"M.rch2015aidl}'eschedured€demprion&tos:BuenessDavandismeEtviusir:wetrlhere ie a change in the oeemed o.te or a btmenr €tcutabon s wil cha.g6 acdrdinsty:

t th€ ..curity i6 back d by 5 g!.Enr€e or t.t0.r ot conrort or a.y .ther d@un€d / tefi.r wnnslmrrar Int n! r copy of th€ 3.n€ 3ha b€ dbcte.d.In c... such documnt de not conrainddll.d p.ymsd .tructuElp4eduE of Invoc.ron ot gu.r..be.nd E6tpr ot p,ym.nt byrh€ hv*(or .rons with |m. n*r. $e sanc 3h6n be disctoa.d In rhe offer L.ar.r.Cop es ot Ih€ Coeoral€ Guarantee and lhe Pesnrr Gua€nlee aG *t out uider A.nduE s hereioDebeduE Edemptlon E6ede

rhe rssu,q sharr mahrain lhe debentore €demdion r66Ne as per *.ton 71(4)pct 2013 read wrh Rure 1E7) of companies (sha€ c.pibt and D€bentu€s)circulaN issued by cent€r Gov€m m€nr n ris rcoad t, ''.

VGN D*lo@E Pdvale L hiled

Issue OaiE/D.re ol Ar ohenr

Frequency of lhe Inle€sl Paymentwth sp4red Ouanedy. on tE asr Buginess Day ol €ach

VGN D€vdo€E Pdvaro L mriedF.ca Varue (Fr sudv)rsue oat€/Dare of ar/olmsr

Froq06ncy of $e l.tec$ Payment wrlh specifiod ouanedy, on tE rast Busin€$ D.y of eeh

av. Lb( ry Peiod for all r€nrh.s: Fon 31n January 2015 unlil 3ob June 2015

Any €maini.g unsubs.db€d amounts shal be off6€d ror subsiptio in 3u b€€qu ent l€nches fitin

AtoI6: tn the @@ .n nA flb*iption b ne t*re AtuLnt ke l$@r ntv !l 'ts

ry' di*re'on ct6'$6 l* eatlktthfl ItE .ktd Mt@ed henabonx.m. .nd .dd@ of the {lu.r who perron.d v.lldlon ot lhe ecurilv ofio6d

CBRE SouU. Ari. Pr vale Limli.d

o.t ll5 ot @nt ibdr,n m.d. hv $. pFmot.E or diFtoB . n.r..p.rEl4ly In lu.tlF6n.. of the obl.cb of $e k3u.

P nclp.l teft ol tho c..l3 charged.. sudtv lt.nv

tte.m.d Drr. ol Allotncnt

DISCLOSUREw'TH REGARD TO TIIE INTEREST OF DIRECTORS, IITIGATION ETC.

marrenat rnteresl of the d@rore pomdeB of key maiagedalpeGonne n lhe oll€r and lhe eff€cr ot sucti iiteEl in so rrr as tt is diffe;€nr frc; lhenle€sls of olh4 peMm.

Deiailr o an li'Ea onor egalad'o. pend'rg orErc' oy any Mr,sry o, Oepalmert d.F.Govenre1', o a s€lutory 3Lrhori! aoa'B arlpbtrore d 11€ offe€6

f nanciar y€rs mmed ately p€ed iig the vear of citulalion ot ouer bter and or then impaci.i rhe finznciar slal€menls end lin.nci€ posilion ol the @mpaov and lh€ @rectve sr€psiaken and obDosed b be tak€n by lhe 6mp.nv ior €ch of thequalili*tions or adwree rema&

(0 Deiails of any nquiry, inspeclions or inv€sboatiom niiiated or enducl€d undd lhe'' como.n€s Aol s;nvp€vious ompanv ew in lhe lasl th€e vea6 imm€diaElv prceding$ev;arotoirculatonototr€rleiierntheo4or6mp6nvandaloficsubsidianesalsort$e; rerc any pro*dtions fled 0$6tler pendins or noD rnes mposd conpoundins oiorien@s n lh; 6st lh@ vea6 imm.d alelv p€Gding lh€ vear of th. ofibr letler and ir e*cbon-wise deiails the€ol ior the ompsnv ?id an ol E subsid ades

G) Deia rs ol aols ol materal iiaude mm'fled aqainsl theany €nd if so, the.clion l,tken Lry th. @mpznv

@mpany n the lasl lhr* y*re. t

,Me4h4tq;

FINAI{CIAI POSMON OF THE ISSUER

c.Dr|!r .rructue ofthe t..uer

a. on M.rch 31, 2014, tD aurhdizen shaB €pirat ot lhe tssuer was F6. 60 00,00,000 (Rupes gxtycl@) and rhe isued, subscrib€! and p6i&dp shaE.apEt @5 Rs. 6a,00,00000 (Rup* sidi

Th€ €p El erru.t!@ ol tE ssuer as on tn. dale olhis Ofhr L€[er is p@ ded below:

As on the d.re or Uts Ofbl LetrEr, rh6 t.wr h$ no @nvedible in.rrmed6 @rstaiding.Chtuga' in ns 6pnat .ltoctue a @ t6st quadar qd, ht dE rast tNe @B -

h1E d.dnedql

Author*Ed Sh.E c.lrtal

lau.d. sub&nb.d Sh.E C.pnrl

NIL N[-

ffii"!"-!t4E!4!"si."NIL NIL

Non{onwn Dle E ebeituEs rss or debentures of fa6 hlueof Rs. 1,m,0oo/- €*haqq@stino io Rs 400,00,00 000

P.ld{b slrrc c.Dh.l .fi.r rh. k:E

NILP.rd.!o 6hac Cnolill .ll.r th.6nv.Fl6 0f eN consrfbr.In flnent3

NILsh.r. P€mlum Ac6!ft boror th.E!!e

NIL

Sh.E PMrum A@unt lfi.r rhc ts.ue NIL

/.

lPleso k*n&ailsre4adhg an inetns nade tu@sidqati@ olh6t tldn 6h klhe tastm v8i,@dnv kd date at 0E Oisr L.flat I

I)3r!ib of tE.hi@holdlig oflh. k !.rsrEEho/dng p€dbn ot trte ,3*r s @ Madt 31, 2011

sh.@otdins pan h at ho tsud as @ as @ h. dato ot th. Oflet latur

!,locs shaEe plsds4 0r €ncJnbe€ bv the pomoleE (it anvl trtliqti4 d @ to hitdeh .t eunv 6ha6s oI ha |tu* * oq ke tattst at.ftr 6N

Dolrll. .f .ny .cqubtlon or tmlgmtlon h oa l.6r on. vsr

D.t ; ol 6fl$E rbn or *oEtructlon h lh. b.r on. vdr*lj$ff'li?,.*nn".t,n" *".i..6th. hi6r qurt r.nd' b.hs r'Eh 31' 2ot4

P4hb d6n&dd

Delails ol Kured l€n tac I ts:

D€lails of uns*ued loan h.ittes:

Delalls of non mnwdibre d€b.ntu€s:

Lr.t ot Top 10 debentuB hotdeB (as on ure dare ol $e offs L6red:o PiEnal CrieDnsa L n'Ho Ede|i€ss Fn.ne LiniGdT/-€ .moJ.t ol @D.GF Olacnr€g Est €d by he tssld rtoq wirF n.me ot he @unFrmde(rir. rsme ofrE subsidbry Jv qdry. g@Jp @trpany dcr an o6t"5 .twnom nh* bee;

o coDorab Gu€Enre giren by $e t$uer to its subsid sry vcN t.fra Indh pri€teUmited for INR 10 CroBs (.ppd.)

D€rai. oI CommRrd papets: The torat fr@ wtu. ol @medd prp€6 oursEndin! 6 on$€ raia.t quaner qd io be p@ided 3nd its br4kup in ,olwho tabte:o Not AlDliosbl€Details of Re.l oi tF _b.rtung {i,.ny 'dJding Fybld debl ||

NCD

,

23.33

. Ocla'L ol ey ouiEr€nd ns @ro'.Os tarer/ d€or s@nls 6u€o de€ btel / i$ued (i)ro' dns'dsil$ olher tt. esl *hs16r i *hole o' pan ('D .l a pEmrn or dE4t'l or(iii) in NBU6E ofai oDdo: NIL

PDfi. ot th. L{.r, b.foE and .lLr n.*hg pdilion for Lx, lorhm.diaioly pEc.dlng lh. dare ot .|rcll.oon of th. ofior L.ftr

DlvHen.b d.cLr.d by ib b.u.r in 6p.ct of ftentlo for l-t in@ y{B {C-h pdfir .fi.r i.x pru.

..ld inE. nn.nci.l ydB; lnt Ed cdq.geht*.t p.ldll.Lrst p.id)

k.o.r .. in th. lhE ludlted b.1..€ .n€dr

ml1-12

EOUITY AI{D UABITflESSHAREHOLDERS FUNOS

Mo@v @ red ss.irn shaE Mn nls

NON.CURRENT LIABILITIES

Delomd Td Llabl rl es {Nel)

597.50.31737

3.1314.932 12,91,U,1132.92 3t.060

65,65.333

2,13,32,M4217 73,47,2C5

22 t,53.90,969101,0341,554

25.67_90.3912,04,29,44 1,3A,12,221

C.sh flow ftom o@dina acliyiris

2@29210 1n12221

P6ft d sab or shon hrm n@tmenb

T€nsH lo $curili6 @m um a@unt

op€Eltno prorl belo€ @*im eDira !2.€t36!5

l.

C6h n{ beloE t nlion.

CeiL rnd c.rh €quiv.l.nt cl@hg

;;:';:-;';;';J ,i s,."'t* .*"s &?enert 6'ued o/ scB' vd' !(Laii"li-ei,'',EeoNo,-zoos,t1,o:d;bdM.v't,ooc^."e.d.d.*" *'iq " '"n y""4", *-a "i--a i*' *irrao* otucraesrannu. G@ | b rfe Debelure raqt€e a1d r\e D€berrrrei-;'i"

"i,iio".c's* " ""."t*der. s suom'ned L"aern's(au

P,tua tu..tftuda]

b,. |&.*tdrh4 i..d|;/,*.,.df

-ny

ch.nse iii.c@umins pollch. dudns thsa.d lh€ re.eru4 ol |n0 l6.u.i

kDde d hnndqtial

,'.*,"". ""","", ""1^l **

n **ttt r-Ir L h,l ..iat a.a.r,! lt|lt

b.

Applicstion by Elisible Financiat tBttuiionsThe appicarion must be a@mpanied by 6nit€d lru6 6pies ot (i)suthorisinq inrestr€nrs or tefl€r or auhod.tion or pmr of A(meysignatues of authdiz.d .iq@bdes.Application by In.uranca Compa.iesThe appi€tions must be .eompanied by.edred tu6 epis ot {)

Any mbd.revehtdwdoDmmorchango h.vhg mp carions on rhF finrnci.b/cEdtr quahy{s.s. zny ml.n€l Eguldory peo.dlng8 .saind tn€ l€.u.dpMot E. r.x tirigaliorc E.iron;h mrt nrr [.brrnre.. ( orpodt E.trucufins evcnr .tcl n rhe mo ot tsue irich m.y rfi*irhe i.Eu. or rh.Inv*ld! delrlon b Invsr /co.tinu. ro In'€t In th€.r.br .durhE.

IERUS OF OFfER OR PURCHASE

Tm3 ol otrbr sG s6r out n ond6 tle sel on .padicuiaG of ine offaa abore. B€bw are lh€ geneEl

k*€ ol tE Deb€nlur* orihe fa@ vatue R6 l.oOOOO €ach, aoo€gatng to Rs.4OO,O0,0a,OOO omu fple TErch€s on a private d*m6nt b*i. nor op€n for pubtic sub+r plioifieDebeduEg€eueabythetssudshat be*er€dinthenannef prcvdedabov6.

T5.rsu{ O.bentrr* ts beirg m€de n Ft ance upon s€ct on 42 o! tre compll €e ,ai 2Ot3 Ruto14 d he cdp.ni* lPospetr*nd A ronenl o! s€.udB) Rures 20 t. Etevdnl prv,, 06 or ll€cimp6.E A!t, l9s6 tte SEB| O.bt R.gutcions. se@fles and Fimarg€ Boad or rm.{Deb.nreTruse)RegLta.ons, 993.qane'acda1doherappti*bl€rac;lhs€garJAs per paEgBph 3 of the circutr ctR/tMo/F c/t32or0 d.tt Noremb€r 26, 2o1o: sEBr hasanMd FLs b nres r to k t6ted debr *rn'6 At$, aE per A p rOrR Seid) Ci,cJ; No S9;;0 r l\r6rc\ 20'2 b, RBI SLBi €q se'ed Ftts/.rbn-mu4lr ot F 6 €n nre{ h prrdry sueq or @1-oftdib€-d€berlu@ rNcD6/sondsr olty 't t.Lns of sLc\ NcDrBorr F ;nFded E be dore@si-Ent r €* the lcorBolos is5u6d io ,r sEBt regrr,edElk / * Etuuts o nb * no'sred ntrrr t5 rFn@r, days or issu.ne ic rE sEB re;,sFred

tu a.v @son tFen E /sub€@u4. or F[ snal ,n rediaiety d spose orlhe* bolds/NcDs eitrd by *ay ol eE o. O d pany or b l1e Esue..nd he l€ns ot oqEr Fredetur)uy-back th€ sll sear ties trom lh€ F /sutsdount ot F in srch an ev€nrua ilv .

Ont h6 p€cons wno €E 64'nar.y addr**d rr'otgh a @nrunErM by d on bedr or fteotv ior |\. Deberlucs An apptiexoi hrde by any oltr peEoltierion 6nd Fjecled h orde, ro slb*ibe k) rhe DebedirEs apeM mun Debns lo ore or rhe cateqor € m.nron€d boro*. EliSibre financ at t.si ut d. and iNuEn4 @hEni6:

. Non bankns fnan@ @mp.n s (NBFce) and Residuary NaFcs;

. Fo€isn iishiljoiar nvesloEr F@sn podfob n@sroc $ pemtted under the s€cun[* and Erchgnle B@d ot India(Foe(!n Portfollo ln€llF) R.gu ations 201a1 and. Prcyident FmdE, cErut!, sup.Ennuarion and penson Fund6, subj..r io nen inresrment

:T.ql.T**"

/,i2'

anicbs of A5s6€lon/coBltution/Bv€-aG {i) Re$luton aurhonsng mreshent andmnr.inins operab.s inslrucfons, (i) specifren sisnai!rcs of author*d eisnato.i* 5nd (iv)Fom 15 AA ror caimlns eremprion rmm d€duclon of Tar on fi€ nle€st in@me (ndudingntecsl on appri€ton money) if appli€ble

c. Applications by Corporate Bodie6/ Companied Statutory Corpo.ations/NBFCa and RNBCsIhe appri€tons musl be a@mpanied by @rlir'€d true @9i* of (i) MemoEndum andAncrea of &*.tion {ii) €$luton authqtin! inv€.trn.nl end @niain ng op.Etinginstuolionr, and ( i) sp*imei slqnatu€. of auho'i4d 3ignator €sApplication by Mutral Funds

( ) A *paEie .pplicalbn @n be made in resped ol e*h sh€m6 ottund EqGteEd sith sEBl ana lh.l such appi€uons 3han nol be lEat€d a3 multiple

(") The appl@rone m.de by se as ronage.enl dmpams ot 4stodirns ot 5MJtu:i Frm shan de.dv ino€r. lf. Mne ol te @neh* &hne for wlc\.pp i€tioi is bei^! mad6.

(iii) Ii€ aDo i€lt@6 musr b. a@mp6ni.d by @nified tue @pies of (i) sEBl 'tgist?tiondeed {ii) €solulion au$odzino inv*henl snd Mt ininqoperating inetruclrons snd (iii) 6p.cimen signalur6 or auru z€d signabd€3

AlDlicaiion bv Flband sub-accounE ofFllBh &€ or sn apiidd made oy Flls a.d sJla@rE or Flls. a enrn€d lae @pv or h€nsEBr €oisrElion eniic.r€ must be atached to lh€ Apd €lion Fm al the time of makngue apri€rDr, ls'nq wh'.h lh€ rsuer @eMs th6 lJl foualftu tnd absotJF reht ba@;r or 6iocl an;opka'br r shoe o_ n p.n snd 'n eihs €t wtf@t atsianns..v

. ':,

OISCLA MERJ PLEASE NOTE THAT ONLY TI'IOSE PERSONS TO WHOM THIS OFFER LETTER

HAS BEEN SPECIFICALLY ADDRESSED ARE ELGIBLE TO APPLY. HOWEVER ANAPPLICATION EVEN IF COMPLETE IN AfL RESPECTS, IS LIABLE TO BE REJECTED WTHOUTASS GNING ANY RE'SON FOR IHE s,$'E THE LIST OF OOCUMENTS PROVIDED ASOVE ISONLY INDICATIVE, AND AN INVESIOR IS REOUIRED TO PROV DE ATL flOSE DOCUMENI:J /AITHORIZATIONS / II{FORMATION, WI]ICN ARE IIKELY TO BE REOUIREO BY THE ISSUER'THE ISSUER MAY. BUT IS NOI BOUNO TO RESPOND TO ANY INVESTOR FOR ANYAOO]TIONAL DOCUMEI{TS / NFORMATION ANO CAN ACCEPT OR REJECT AN ACPLICAIIONAS IT DEEMS FIT. INVESTMENT BY IWESTORS FAfLING IN THE CATEGORIES MENNONEDASOVE ARE II/IERELY INOICATIVE AND THE ISSUER DOES NOT WARMNT THAT THEY AREPERMITTED TO INVEST AS PER EXTANT LAWS, RECULAT ONS ETC' EACII OF TF]E ABOVECATEGORIES OF IWESTORS IS REOUIRED IO CHECK AND COMPLY WIII{ EXTANTRULES/REGULATIONS/ GUIDELINES ETC. GOVERNING OR REGUIATING THEIRINVESTMENTS AS APPLCABLE TO THEM AND THE ICOMPANY] S NOT IN ANY WAY'OIRECTTY OR INDIRECTLY, RESPONSIBLE FOR ANY STATUTORY OR REGIJLATORYBREACHES BY ANY INVESTOR, NEITHER IS TI'IE ISSIJER REOUIRED TO CHECK OR CONFIRM

THESAME.

Th. D.b.ntJ€ be'ng oieEd unde rhe l*r€ 6E sub6l lo tr€ p@6om ot n€ Comp cs AcL- tfeM€moEndrm oJ Assauor aro tre Ai.lss o! A5s(6to1 or t1e lssa Ine lers o. il1ie olLtLen€r, Apllication Foh .nd other lems and 6idliion6 a3 mav be indrpoEted n the tleb.nlure

o.rv Exoibe l.€bE s! oren haBLrder rav.pplv io' lT LrsmrtuE bv @mpl€l'1g hcesjierroir rom rn trE pres,l' oed lon.t

'n B-och LCTIERS n Fis€h as pe h' 'nstlctos;h*d rhe€'i rhe mnrmur Itrber ol D€5entu6 tnr 4n be appx.d b'and tE mulhpes

lheref shall be set od n lh€ relevait Applic€lion Fom No sppli€t on €n b6 made nt a lEciion ol. rxbBnture. Aooll€ljon Fms should be dulv compleiEd in sl €spa.is and applic€tons noromdeEd in fta s'd nsnr€' aE I'abl.lo @ @-e€ rf€ neG.'' rh€ apo'€nts b.+ lrp€ ol.e;nr ad a@un numbe nusr b. dry @plel€d bv lhe.ppl'6rt ftis s EoLr€d t" it€app,€nts M srelv 5nd $6e oeEs w'll @ pnnH on tre etund oroec at/or rcd€r'p!6

An App i€troi Fom musl be 4mmp6n 6d by €irher demand dEqs) or cheque(s) d€wn or madepayable

'n ttuur ol vGN DEVELOPERS PR VATE LrMrrED and crcssed a@unt pde ontv" $er

should be teidered thrcuqh tle Ar€nger No *sh ril be aepEd chequ€(s) or demand d€qs)m.ybedwnonanybaikncudiioa@{peraijvebankuiichisam€mberorasub-momberof$ebank€E cr€.ing house o€ted at Che(nai/Mumbai The .nrre .mu or tNR 1,00.000 lefDeb.nrue i6 payabre aron g with the making ol a n applicat on Appti€nls oan ! h€mar ve y Em( |neappric.rion amountthrcuqh EF RTGS on the Pay-in Dare, io the bank 5@unl of $e t$uq as perthe delails melnoned rn the Aooli€lion Fom The RTGS delaib ol he

VGN DEVELOPERS PRIVAIE LIMITEO

ITCCent€,Ann.S€ar chennai-600oce

suDr' .dot or .frPleEd ApplLad@ Fon

An .ppl eton6 duly @mpleied ac@npan €d by ac@unt pay* chequ6s/ dEfrd .ppt €lon froney/lransiar rmtrucljom rrom rhe espelre invFbls .@nt to the amounr of the t€Euei shat besubm tn d .t the Egisrered otfce No palfenrs m.y b. mada by deposir of esh.

@mprered appricat on Fom along s h orher n@ssary d@uments lo vGN DEvtLoptlMlTED by rh. D*med Dale of Ar oh6nl

Polsntial Er 9ibr6 InE6to6 yin be i.vired iD subsr b6 by My or tle Apptio€ron Fom pr*dibed nth€ ollq L€ttsr duang ule penod betu*n lhe lssue op.ning Date end h€ t*ue ctosing Date (bohdabs irclusire). Th€ rsuer €*to*

'|e ight to .hange tE sue *hedute nc udiig rE Deeded

D.lE or allolmenl st ic aore disset oi, qjthout giving any lbsns or prtu noli€. The 6sue wil beopel tor subsqipiion dudng lhe baikino houE on e5ch d.y durns tle pedod b€f@n the t$ueOpening 0.t€ and the rse C 6 nq Dale (both dals indusive)Th€ l$uq ar6o E*@s tlie noht b close th€ $u€ at an €dier dar. upon rhe tssue being flly

Arl rct tious applebons wi I b. le]ected.

a. € maller or ?bundant euijon and a though iot appti.ab € in lhe 6e of h6 Debenturs, atbdionor appli€nis is s9eisly d€wn io lhe Dovsions ot sub*cron (1) or s@tion 33 of the cofi€nisact, 2013: 'any p€Bon wtro (a) rokes or abets makinq an apptioalo in . fctrsous name to amp6ry fo aoliilg, o' suoshblg ior, (e sRunrB: o. rdr mafs o sbsts r.rng or mul,pre.ppr€ion< &J c @mp8ny

'n dift€€.t .ames o r d treEnr 6nb'r0ons o' 1 s name or sumame tor

.cqllring or sub$ribing lor E *cuntres: or (c) othe ise jnducs d 'Ety

or indiEcuy a @mpany ro.llor, or €sirter eny tEnstcr ot eha6 u)eein, t\r him, or .ny other pe6an in a fdit ;os nam!, sia Ib€ | abre for rcbol rde' s.cld 44 / ot rr cdoan es ad 20 i3

Norvi$siand ing . nylh ins daEn elswh€G, $e t6suer €*ryes E tun, onquaiited snd abotute 4ttk) a@d o_ 6j6cl any ,opliBlion in psl or n lut . {rhoJr ass gn'r! ar y Ess lhe@! Suored @lhe aior*id in @ o ee' subc.iptiol pl onry w J be siren io '1v.sb6 on a hH 6me frrsl seMbasis. Th€ inv.sio6 win be requiEd ro Emil the paid up Amoont as et6 submit rhe duty

'ETOPERS PRIVATE

tl€emd DaF ol Allotnenl ro l Ercle I ol th' sie's 6" F.baarv 2015tu.m€d DaF or Arrolred lo'TErche ll ol tn€ s5*F'l-v6d' 2015

amllcatlon. lo b. a@omp.nl.d whh b3nr .ccou'n d.t.llsE;;D aoDlicald Bhsl be;eql'€d ro be ac@rp€ned ot rh€ batu accor n d'tails ol l\' 6pp enl

"iJ ir"";"in* '* -""*, -"0 e

d av.'xns di'cr r€dtr or arl,"*t "i"tr" t t'. o.*,tt. Horde"lBr

tnrcLq1 clerDrE tarsre

P€manent A4oJ1L \ mb.r {PAN) albfi€d unde' hmme Tai A'i,hd a .e I an skd @v .3 drdene App'ubol 'ors willDrland 5c liab e to be rq€d.

ADDtlcati.G und.r Pomr ol aforn.va ;tuf€d rM @or ot lT D@n of .lionev o_ l4e rel*nr €ttho1ry as lhe €s6 ncv b' arong n1rrhe n.m4 and saaqFen sqn.ru€rsr or arr rE aJno' /ed s'sr.io."*4"" .eru'et r a*r.""1 r anv c rtre 'rvesto' must * toged ab19 dilh rhe 'rbrEsion ors. ;mb|ebd aooleuon Fot FLntF rFdhr4 onv ldoi.E ir tre po*€' o{ alto' n6t or a forvi.""ro ri .a dr o m t"*. . nt ar sJch orh€r addes{es);. n,' e s@ fied bv he lssl* to tj@ !o t ne thoush . {rcbre @mnrn@uo1i' "oi ot * aoo"erio. "ue ov @mpaa'es

r1o€' a po@r ol anonet d Eohnion or 'rlrditv a

".i'nJ i." Ji" r.*-'" -q;$ n;roendun a1d d.s or asaton and/ o bve'G a ond

i-u, "n*

*nsiti,rcm *fi*t" mJsr @ .rEched io tr€ aDpr@ron or cr fte nne or ror nedre aoDr edon. ta'hN {nich rh. 5*r 6ea6 lh€ 1il unqrallled and ab&rule ' ght b 5@pr o_L"Ji"" imiraoi " "."t. -,1pad aN 'n

€he' * {nour a$'srns sn €$r tfecioNd€;d s;e('ml rsruo€s ol .ll tt aJndzs s's.aion.s nLsl alro b.lodscd alo19 w$ lresubmbsir ot

'|e @mpl€led applidtion.

Every applicanl shou d n€nl on 'b1961. on tE Applical d Form andPAN r b..oisideGd in@mp€b

Avaibblllty Pedod ior all TGnoh€:

Th€ lser Ese@s tle dqhr lo .hansE $e lsJe $1@Ll€ 'rc udilo se Oemed Dat' ol Aroh€d

5r E so!. dEseton *'hoi l gN'nq anv @30ns tt€efoF or pnor ncnce Dob€nllFs * n be op'r !r;;b34Lorion at rhe @mmddmeit of banki.! houE snd dm al the do* or banking hou6 on ri€datos s@i6ad in th s Oner L€ner

Oep€[.rY Adng.m.nBrr,l *"*

"n" r mit e **".v oep.6 k)rv atnsemlb dtr the D'pc on6 lo_ 6* and holdins

of Debentu6 ii demaErdr i*d fom.

Dob.nruE. h.ld ln Dm.t€nth.d lomli. ol*"r"*

"'tt * '**a " "€maGial'sed

for ,'s'n 2 wo{ nq daF llm ln€ o€er€d Dat6 olArrff€nr. The l$rer ha3 mrd. arcnsenerb sfi $€ o6pc'ioraEl".""iii;J ri- rr'" o"r*'r-v p;{op. s name d€posiro'v panicpanr d'nri€ior nmb€rfld FmfcEfl ac@Lrl rumbff rusr e nenLol{ d tr€ appopnale plae r r€ Appn€ml I or-rh€ lssE sn;I t ke n@sry sl€p€ o ct{| lt Debalurs a loled lo !'e d'posrbrv aMunl oriiJii!!'iiiiin;ri ;;

'aaron or fte D€!.rru's € nor apol@br in rhe d€nsFda '5'd

rom

3'n@ lhe sl*ore lol 'g

on€ Det*l urc

rvsroB m.y rG $at subid ro apc @o'e ls he tr€b6nlJ€s ol tn/

rEded in demsrer at€ed iom oi y

P@.du€ ror Apptying for D€m.tedatised Facfllyra) Tfe €pokan ry amurl wrlh .ny or lhe Ops o! $F

Oeposiior ee pnor 10 mar'nq Iho .pptFai on(b) The appr.lnt nusr nffisar ry fl | in lhe dgra ts (rnctuding ite beneriotary a@unt nuhbsaM DP rD) appear ns in the ApDt €tion Fom

(c) Deb€ ntures at orr6d io an appticnl lil b€ crcdired ro rE appticail s €sp€cfve bener c aryac6un(s) with Ihe oP.

(d) For subscnb ng io rhe Debeniu r6s, nam6 n th e Appt eron Fom shou td be i.renliet to t]1@appeaing in lhe deiaits wl}' tr5o DepGilory. In e$ of jont hotdgB $e nanes shoutdneeedy b€ in the same sequenG as tney apper in tE *emt deLits m:intained winl

(e) Non-f3nsieEbre arknmed advce/rerund od€G win b. di@ty snr io lhe appticant by rheReg slE and Transre. Agenr.(f) lf nomprer€/incorecr derEitg arc given inin@mpr6t€ .pplicat on and tl6 sme fray

ln€ arpricarion Fom, t sin b€ deemad ld b€ snbe heh iabre for rct@tjon at the sote disderon ot

For.nohe of Oebentu€3 the add le, nom inaboi deiEib and other deLi s or $e appti€ntss r€gisteed wln iis OP sh.t b€ used for at @d*pondence,in $€ app@nt Thoapprenr is berefoG respombte for rhe @rcctne$ of irs d6mo!6phic doEiG grwi in theAppri*ton Foh vis€-vis lhce

'ilh ik DP. In ese $e infom.ron b in@recr or insuff c ertlh€ r*uer wrd not be liabr€ ior rie o$6s. it anvThe €demplion amounl or oth€r ben€fts mdd be pad io those oeb.nrure HodeE stro*n.tM app@r on h. risl of beiefcial dn€6 tu ntain€d by tne Reqistrar and rEnster Agent.s on lhe R40d Daie. In €se of $o* Deb€ntures ior wh ch ure benofEi€t Mner s not'd€ndi.d

i rhe ' @ros ot lhe Req s6- aid T€nt'c' Agonr s on fte Recod o.F, nc t$Jer

,oJd r*p r cberaE tne oayrerr of rh€ €denpro. .mounl o, oler o.ret,rs lil sudt me rh.r rhe ber€r:o5i o*ner

's denrifred b, $c Fcaislr& and rG\rer ag.4. ,1d rs om,ts

56 rorv.rfd ro rh€ r$rer shee en€il! s,I re p€E biho beneficiaris as ident'fed

DocunenE to b. pwided by Inv6to6rneeslo6 n€ed i0 sobnil the foloung dodnsri .s.pDtGble:(a) Memo6ndu m and ! nides or ass*iarlon or other @nsi dbnat d@u ments ol sie invesioGl(b) Resoluron.uurodsinsnvesheit:(c) Ce ed tue @py ot th€n p.@r of attoh€yl(d) spe m€n r'q8tu6 d rher ajFodss s gnatola dJ v red,t ed bv .n appbp,sc aJrholry(€) CoPv olihanPAN erd and(f) Duly comptol€d App i€tion Fom (inc uding Rtcs dehits).llodlfl callon of Deb.nluE.Th€,iems dd qdirons or h€ O€beiturcs may b6 nodiied by $e debentuE hordeG by a vorngme.han6h ser our in lhe De&nture Trusi Deed Thee ere tlBhotds t51% 75% or 1od%) wh ci.E !o oe mel ior rE modif€rion of dif,bred eteqories of rhe tems and onditions df rh.

tugm ro .ced or Elel AppticationsThe B€rd Esea6 ds rn uTLdreo at db6.tJF 1qFI lo.cepr o, Ejecr a., dpp,rrd ro.

n pal o.'1[ti, w(1otr.*is,,n9 s

Th€ setersh €q Fer he Dcpos oE io prcv'de a ||sr d b€nerli€rc*od oare rh's s|latl be $e I'sl, utrrcr {t b. u*d fo Fpaynenl d Eehplon nor6 as lhe

ttubo for th. DebennrE Fotd.4s)n€ r-sF rss.pponred.L 3 Fs T'cl conp.ny L,ried ro dcl as r,rsr6 t fie oeoenruEHoEerrs) Tf€ r$us a.d rhe D€b.nu€ T4stjee enre,ed {3 t1. Deb€nrL€ i tusl Dee tr6r ala,

specilyinq rh€ pore6. authoriljes andspecir€d in *.lion 14 ol fE DebenluE

obigalions ot lhe oeb€ntu€ Trusl* and flo l$uer, as

Anr €vm6t made b' $e les€_b th€ DeocrtuP r4sce on @Fa I ol ile Deb€ntu€ Holde'/3) sF6ld ;i;e rbe Esc' io tanE to lh€ DeFrruF Ho de(s) No oebenu€ lo dd sl aI m .dil6d ioD@€i d,Rv aaaiisr lne rgsu . tvrs bome , borld io;nrkd laE G d; $ Tne D€benlr€ Tr$Fe &'Menl ar Debenlu? lr$t o€od >hdl moFapednc.rly set orn rghts and Em€di€s of lhe Deb6nture Holde6 and lhe m.nn4 of enrotuem€nl

Th. o€b€dure Ttoslee 4M Ec{o d6 not h.ve the oblioations ol a bort@r or ? pdn.ipal debi.ror a guaEnior .s iD e monies paidlnvested by iiwstoE tor lhe DebenluGs

Th€ rsrd mv d |ts odron bdt gLbrd lo aFleb|€ rM. u* on ls M, .s rel $ erh.le3n.'e d Dd ;lh .nv I nancia a otler

'nbmalion .bod tE oebenure Holde4s) 5€ilable *i$ il1e

Eu6r ; h its 3u$idiades and afhliriE€ and olher b€nks fina.oial indnutons, credil bu€usaoon(i6. slaru@ bodFs, at m $Let ror s subsidiaie. .ndsirlEles .or D€r aserts sian be n.o € tu use or rhe ab6ai. nbr@ion

D€b.du6 nob.r nol a sh.Eh.ld.rTh6 Debenru€ Holdeds) *lLl nol be dtid€d to .nv of tl. ighls a.d prvEg.s flalabe |o $eshscholde€ ol tn6l$uq. The ttebentu@ shall mt 6ntur upoi tE DebentuB HoldeF lhe dght tor*iv6 nole(s) or io €nend and !t rcie al a ny gEne€ m66l ng(s) ol the sha€hol&F or $e l.su6r

Nolic€s and mmunl€liois sl be snt in ao@dan@ litl lhe prdGiom of fle DebentuE Trusl

In lh€ 4d of wlndins{p of a Eleb€nture Hold6r, lhe lssue. $ll @gnirc tle *dlor oradmin stralor oI the 6n;;€d DebenluG Nolds, or llle olh€r legal EpE3enElire s having tid.lo

nor e @Lrd lo 'dgn * sLcl *ecJd or admi{strrbr or olherrea.r cDenial w ,s h.v ns ide lo tle D€bsnur(s, un €s sudr e €dd or .dfnist.ror obi.inspnbaF d reus d .dnnEE i.. or ortr l6ssl €p?..niatDn as tF €* m./ be lrotr ' 6t n i1rnd'. hsvim iud.ddion der nF nauefrhe $t€;ay n

'b absruE dhcclm. *tre ( lhf\.1'l dEpen* wtl orodrclion or prcb€c o'

lftr ol adminrslEl'on o' otne eoal cpcsBndjon in o'!€r b @qnEe sucF nooA'a3 Fhseit ued io sE D€b€nbie(s) st€nd n9 in $e nare ol tr€ @tuamed oebent]e Holder on producl on olsufflcrenl do4motary pmf or lndemiity

[od. of Tnn.rort TEBmlslon or D6b.niuETf€ Debslu€s sh.ll b€ lEnsle€ble rEy to en c|*s of l|Btqs t b clarir€d lhat $eLrebenlr6 sE not inland€d b be hed by .ny @legory of peMs who aE not Eligibe Inv€siDFs""i,a t n" tqr"q th. oeberh,6;.v G rader€d n a@G1€ w rrn" aoor*u" p'd"t6"" ol rne compa*s A.l, roll Tfe p@'t'o.s Elal'ns b ra€Gr'u*^i isn am otne euu -atteG

'n 6p.d or sha?e oi th€ com@.r 6rL'td n $e Anic|*

or 43tr'.b0. or rhe corFny an z0i3 shall aoolv mutals aul,rdis (to freeien r .oox@ble ro o€6edu €!,, bt rhe Debentu €s held in d.m.ier 5r *dl]om shsl oe bnsr."E suoi* b .rd h s@dan.6 witf the tolesprc@dL'* rd p6(t€d bvoeos orie c.d lr Eldarl deoosnorv pslc'p6nts ol tie t'an'Lr or trslsre?. .rd ar otre(a;l ebl€ |3s and al6 nolfied '. r*pecl tf€'@r

- t r.15feEe(3) shot ld 6nsuF rFal trE tr€ns'erionariE ar @mpbi6d plor tlt lhe rs6 dale In h€ 5bsereoa,orea".pr- *it ."0" lo tt peEol whosc n.m6.ppeaa rl lhe €sslB r'r D€belu'eHoldeE mi nta ned bv rh€ oeE io 'i arv bv tF lrttie'ees mid reeoio be setred with the tramnes(s) a.d not u$ lhe companv

Prdided lunh€r lhat noting in th s *.ijon shsll p€judic€ anv porer ol tho Companv to regisls ae.

L)Bb€ntuE horder any peGon ro ehon the dshl io any Debeiture ol $e company h.s b*n

The nomar pl@dlc torored ior tra.sfef ot s*u.ili* hetd n denaledatized tom shan b€ fo @dior transrer of rhe* deb. ntues held in elecfon ic iom The *t €r shoutd s re d€t rery insrrucuo.s@niain n9 deiairs of lhe bu)€rs depository panicipant 6muit lo his depcirory parrcFant TtErseuer lndedakes rhar theE sin be a common tr..sfd iom / pr*du€ for lre.sibr of d€bentures.The Erebentures srrar b€ ssued onry in demateGJ sed iom n 6mp ia nce wilh rhe provisioru ol theDepcitods r'i! 1 995 (as amended fiom t me to time) an y ofEr . ppt ebte egutations ( n.tuding otsny relds nl srock €rcM n!e) and u1@ coidit on s. No ph!€ e cedifet€s or ltre oeb€ntu€E eou db€ s.d The iEsue ol the Debentues shal be m.d. n dematedatised tbm HMvei the t$oerwir $6 a @mmon rEnsfer iom lor ph)€ical oeb€.lubs if ar a tal€r sbqe lh€B, puGoant !, ach.ng. in .pplieble l#, is any hohlno n phFica tom du€ io the Deposilory giving any inveelr Ueopt on to remal€da is th6 oeb€ntu€s.

PrEh&6 .nd Salo of D.b.nruE3 hy rho r!!!erThe lssuer may, al €ny tme.nd frcm lire to $he purch.s Deb.nrles at lhe pr@ av.itabe in thedebl mslk€r in a€orkn@ wirh lhe appli€ble lare. srch D€bentures m5v ar rE oDfon ot tlelsJe' be @n€l.d held or E6qGd { rucl- a p' G a1may deem it and as p.mrned by rd In u.e evenl of purch*e of Debenlrrs by lhe rss@r, thelssuer will nol be €ntitr€d ic any or Ue rOhts and pdvit€g€a avaitabte lo lh€ D€henturc Hode6nclud ng dghl lo E@ive ndie or or io atedd and vote al m€€rinls of he D€benluG Ho de6

Should the inteBr date flr on a day wh ch is not a ausiffis r).y Ur€ nexr rc*tng day sha I beddnsid@d a lhe eflirclire date(6) tu ihat payment (pdid€d lhar it the ronwing parment daie falssilh n 3r€ na( @ endar month $ e p.yme.t dale shal be th6 immed hlety pr€@d ing busiEs day,5o siat lhe paymenr dst€ tuls wrrin the sane €tendd monlh) The inteGl payabl€ 6han not beadju.red due ro lh€ payrent b€ing made oi fie nen rcding dayrrrhe €dempton dare falls on a day which s.ot a Busines Day the pr€vous wo*ng day sial be6rc de€d * efistive dale tor tlat o.vment

Th6 |*Fr shan dsue a terer of .nohent 1o €ch Deb€nru€ Hotd* on rh€ O6med Dalr otArlolm€r, evideming flre oeb€nruEe a bted lo it. The atore*id t.fter or anoln€nr sh.n be cpJacedwirh rhe actuar ocdir of o€b..tu€s, in dematedatised iom eilhii 12 Busn€ss Daysl rron

'|eDffid D.L of Allotn6nrAl tre b€r€fF u.de' rT Dererlu nresd lom rFe sptu'r€d D€emed oaG ofAllorT€rr 'br *.h TEr( he Th€ D*ne DaE ot Ar ohent for -inchc I or tr€ tsst e F 6,\ reoruaru2015 The tleehed o"le orArtornent u IEnoeIoftnetsel€'. itoMa'Lh 2or5

Tfe €@d d.re ro' p4men. ot rieet atrounF at Epa/n€ or ?derptol amounls sF.r be 5(ire) d€)€ pDor L lhe Ele€nt @tpon paytrenr dare o. rF€ ei.vdrl oale ol H€mpron or such

Td as appll€ble under lhe Indm€ Tax A4 1961enr@b/deumenl, undd Seclon 195(3) or Setd

win be deducrod .r sou@.-i;d.mpron197() of the lndme raAa!.196't !!€ny,

For appi@nls who* appi€tions h.v6 b.en @jec1€d or.llor€d ii pan, dund ode6 wt bed spai$en wibin r0 BGiness oays t om rE Deemed Date ot Atblnenr of lhe DebonruEs.rn €se tie rs*d has Eeiyed moEy ,rom apptr€nts to. oeb€ntuG h exoN ot $€ .ggeoate ot!.e eppli€rion mon€y € .rins kr lh€ Deb€nlu Eg n especl ot wn ich atkrmehts hsw b€.; ;ade, theReltetrar sha I upon r*e v ng insttoclions in Elalion io $e sme fiom $e t*uer €@v the mone€ to$e e$enr of soch excs if anv

mu6t b€ bdged d the orie ol lh€ compdny beloGinte€3r oh application money, if any shou d ba bdged

lhe Reod d.16. Tex semp[on .edili@le fjfalo.g w tl the Appllcalion Fom.

,d.n s Huied on ti€ Dan ol dF oebelie rol(|e1g) for rcdempron prDoses and fe€demDrbn o@aeds drr b€ Dsid ry.heqL€Iund l€ns/RlGSrE-T lo rfiode oebentue HoldeEvhG; nanes aDp€ on tr€ lEt or benelc.ns ra'$'ned ov fi6 Rsg nz' .nd TE$G Ager r teMm6 rculd b,6 per tF Regbtd.nd TEnsier Aoenfs Eods oi the €l.v. Re@d D.ie ixedir lh€ N@* of EdemDiion. Al 6uch D€bentu€ lil bo simult neoEv redeered lhEughaooroffiaie debil @rooEie .cl dP.vm.nr. s €ach redemptron dale *il be made bv qav of cheque(s)/ d6m€nd d€qs)/ cEdilhiuqh R-CS sEEnt luts ralsl€t h lhe nam. ol De*ntu€ Hold€rls) sho* nanes appe4 onul. l; or b€E.;d ene* sre1 bv lr Deposito' es lo dE lsu6 crd se R€!'nd at on fl'

Th€ MntuEs shEl be taken .s dboharged 1o ihe c e€nt extenl on pavmenl ol lhe appll@ble (intun or in @d. ,3 .DDl eble) edenpdon sinoui b/ lne rssue' o. he de ?ddprDl dale t) ln€@EErd Deb€nr; Holde(s) wr@ nsme appea: '1

tre Res'Eie. ol DebentuE Hodeds) on tt€€LMrl Fs! Oare SLch p:vm.d {in h 6 bg.ldk ha4e or th€ liabJirv oi ln€ lsJer !t*a{E ll€o€bentuE Holoqs,. on si.li p.vmsn b.'ng rode fte tsld sl 'nfon tr€ D€posiio'v 'rda@rdinqlv it e;u o'dc D€bgnlJc Hod€(sr $dh he Depoe o'vwI be tdjtsEdon ft. fuer obpdtcf'no lh. arourl 6 sd{6.d .we

'1 eBoel of he Deb.nilE ue nab[9 ol

rh€ l$uq .harl stand en ngoiehed

Ld ol Lo&rl.l of allolm. / Princlp.l .nd Intet.tl P.vmd h.rrumnlsa;s or Letr.*i or alloltnenl and/ ( pdn.ip6l pavmenl inslrurent / inle€st pavnenl imtrument"t'o,ra

bc i,rr,i'ir"a m rc co.mnv;bis ,ilh the reqoeel ror issue ol a dupicale Lete(s) oIarrorm€nr/ tun€nl fdamen{., lnt Lei!(s) ofAllol@t patmgnt nshtr€r'l(s) is lott 8to€nd dellmd H rFn t@Jdon of plol E€' F tre s$tclo or r€ Cord'v '1d Lpontumishrd 3u.F hdein'lv, 4 tl€ companv m.v oeem adeqEE snd upol mvment

:ffi F'niHph;il1cedified raa 6py .r ihe rcsorut on pa$ed by the MembeG ot the $att;1r.;;;;;;;2014und€rF(roi 130r1tral or rhe camDanerad 2013

=ir€d;* .op' o. trleisJrc;;G4 by ,r M.noe6 oFa |$at;il-De€rbe.2014 undersection 130(1)(c)of lhe cod€nies pat 20135. cen red tru6 copy or rhe reso ution p.E*d q/ iGt;;a6E of ahe ksu-ai;n Z

2015 under Rul6 14 ol tE ConpanB (pr@ecnrs and Atohanr or s€udri.s) Rutes. 2014.Lefrer rom I A FS Tru6t companyTruslee dal€d 3di .lsnuary, 2015

@ns6nt to .ct as fle D€b.nlure

co$nt or rsR e Da€shaw ro .cr as Reg sl€r and rEnsrer Aaor h;reE €eivadunder rhe t parfle .q@nEnr d.r.d Marh 23 2013copy of the oebenluE ltost DedCopy orrhe p€benluGTru6teeAqementcopy or f'e E*@ As@menr among the ssu6r HDFo Banklimira;- Amou.tqnd rhe Debeitue Trustee ior opeEtion of lh€ 6*rcw a*ounts.

copis ol the @nlEcls and d@unenls, may be insped€d al $ebelween 10 0o a.m. 8nd 12 00 n@n on any mra ng day (Monday ro

The de(la€to1 by Ma D'vya veLl a dRro. (', rhe rsd.r, n

Regisle.ed Offe ot the l*u.rFriday) unul the date of c os ng

cspe.l ol ihe rssue has b*n

/2,'-'

DECTARATION

we .c Euthdsed by tle bo.d of o Gclo6 or lhe lssuer by €solution d.t€d 5b January 2015 lo s gnrhs lom and d*rae rhst sll the r€qui€mentd of companies Acl, 2013 €nd tle rules manelhecunde. i. 6Et of ih. subiecl matter of tris iom and m.lle6 ncdenta fie€lo have benmpried wjth The (mer LetFr coniEiN tull debsues in a6d.nce wlh the sEBl DebtRaq0r6rons issued videorcurar No LAo-NRo/GN2m3/13127373 daled June6, 2003, as a@ndedfrom rime io time whatever s siaGd in $is tom and in the a(tachneni.md€is ..d no infomalon mated.l io $€ subi@t matbr of lhis io6;4l€d and s 6 per lhe original @rds mainlain€d by the prcmole6 subsqibns b $eMemEndum of Asiat on and An c e ol ,ss@ialbn lt is lunher d*laBd 5nd red €d lhat al lheequ €d att4hmenrs hde ben @mp etery, @rectly and leg bly all&hed b $is lom

R FROM DEBENTURETRUSTEE

id D.d4u! P'rro hrhd {cfFry}rf tar{. {!^!di( (o. ftmi @ 06

ttcL

rtt r *$ Ekwd. ru Er dra$i0r €rfti4 .Fntm .r trcR 1|lMd\Md{BlB'sutGRs@''r'b

! e .nn7 'ah

kffi * atun€d rtr the l,€rrntuE rrufD:qd omt dnFl J.ft.R lo. ,ori

k.rl.ddihhIo.'lt.$|'te!tri3'idi'e*,.fr hlF, 'hr 4r@a. rdoRr f thtr0= r dnd d r; e,;d,tb d ds,+ h nr Gr6s, riE b..tdp,trd

r, tu.f Fry elu ohptr srh tr [srBor sftr(Mfrie in46) Reror.rbE_ 1ers's 0a. ri (iq4d oehr 5otu) R4$Dss, rm6,5f$ cfdlai no. €u6/mF.rd sb rE sa .kubr ii. stEr/r4DiDof.: /30N!/ciF5/e zibi d,e 266 Nol€e..

rd trlrs I'urcd!@unib4: - : .

.1. dr- ' ::rldibft€J sieabi' ':?. l_

{Nrm€ 5nd Siodiure ol Aohod.edThe deiaib of tE appli€tion a@ as

ANNEXURE 2: APPLICATION FoRM

VGiI DEVELOPERS PRIVATE LIMIIEDRegisle€o ofi e 15 wallae Gaden 2"S@l Nun$ab5r€m

websire: ww.vgn.inTcl. No.: +91!44J439999 F.r No, 9144!u3

APPLICATION FORM FOR PRIVATE PLACEMENT OF NON4ONVERNBIE OEBENTURESl"D.b.nluB"l

we hde €@h/ed. Ead. Evi*Ed 5nd unds6iD€d all he @nbenis, ism3 .nd conditions aid FquiEddiF osua . the privaie pbemant offd l€n€r deled [.t, 2015 we hare rlro doe all the equiEddue d lisen* {leoal o. olheMi*) wihout €yng upon tE iniormijon ontain€d in fie pdvaiepL@rent c,ll\* lettF Nd, lheGioc, re hereby agre lo aGpl $6 DebentuB ne o.edh*under or e.b smallef numbef a3 may b. allo€l€d to us, subl*l io th€ iems ot lhe eid pMled5@reit offe. letler trfE spplic€lion tum and he dftum.nL we undeftake bat we w I s gn a Isrch olEr do@nsts and do .n sudr other aols iI any, h@ry on @r pan lo enable us to beGgiste€d as the holde(s) ol ine D.b€.tuEs which nay be anoftd lo u3w€ .dhon* you to plae oq name(s) d lh€ R€gisler of Debeitu€ hold€c ot lhe conpanv tnalmay b€ $ a lo€ted aid lo rcgist' oq .ddEg€(e) ss g vs bdN wo nois thal the cofrpanv 6.niju.d in lher abGolute di@ton io a@pt or rejeot ths applcalM in whole or ii palt w(noolasgigning 5ny rea*i *t|aGo*r.

For (N.me of tne ApPlkail)

DEBENTI'RES APPTIEO FOR Nomircl wlue oI INR per D.baniu€

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[d 6dw of th€ Applioantundef sern€olaEli@ uider sf]ui6 c6rr iEtEtllo

We Epply as (lick wh ch€ver iE appll€ble)

T3r p.y./€ PAN or GIR no,

APPLCANT'S NAME IN FULL

MAILING ADDRESS IN F!LL

l

TO BE FILLED IN SY THEAPPLICANT

APPIICATION FORM FOR PRIVA'E(To b€ filled by lhe Appl €il)debentures undef Senes _

PLACEMENTOF NON CONVERTIBLE DEBENTUIIESACKNOWLEDGEMENT SLIP

appielion musl be @hpe(ed in tut BLocK LETTERS tN ENGL|SH e@pt in ca* otsgnature Applielons. wh ch are rcl @mplela n 6v€ry repect, are liabe !r b€ El€cted.Paymenls must be made by RTGS or ch€qu6 mfted wc Payee o.ly or bank dEn dEwn inrasr of vGN DEVELOPERS PR VATE LIMITED .nd as per rE fo townq dehits:

: lTc cenlre, Ann? Sa ai Chonnai-600002

ch6qu€ or bank d€fr shourd b€ drawn on a $heduled bank payabte al par Modey ord€re orpciEr ord€B sin nor be aeepbd Payment sha be made lbm rhe b6nk a@ount of lhep€lw subccribing ,n e* of joihthodeF, monies rsy8bte 6ha[ be paid nom $e bank.@untot iepeMnrhoseiameappeaEi6rintheappteron Nocashqitlbe,aiiEijte4

Ihe Onginal Applicatoi Fom aloig eith Blgwnt doourents slrould b€ fomded io lheRersieEd ofice of tle s*r io the .rl€nnon of compliande off6r, on lhe same day iheapplidion money is depciled n lho Bsnk a @py ol PAN C.td must a-ompanv lhe

In fE *d ot uE Debenlue otlbred beins @.3!b3cnb€d, lhe sare w n be anofted on aiEl 6me t 6t *de basis lry tle l*usrTh€ D€benfuE shall be l$ued in d€m.t fom ory and 3u$dib€6 may caetunv fl in lhe

n lh6 es. ol aDD ieion made onds Porer or audmey or by limit€d @mpanies, fond ngddum.ni: (allesied by C@p..y S€cclary /Dieoidr6/Aufu*d Sg.atodes) m6t b€odo€d abnq w fl the aoolcal on or srl d @lly lo rT lssue tl E Reg'shed off.e io tteadrmr ot 6omo 'a*e

oner ators *(1 a @py or rT Appr'6|b, rorcadih*c of In@oo€ton .nd Mmorandum & anic|es or ass*irio.:Rslulioi of t|e B@d of Di€cloG snd 'de

ilic.lon ol d@ *ho have autrEntv loopeEt€i or Porer of atomey OEnt€d lo ils manage€, oft6E, adhon2ed pesm olemdo€* t lransacl busines on ils b€har (or n 8ie e* ot appl@fon bv aousbdian on behslf ol a SEBI egGleEd Fll, dre pfls of atromey provided !c t€

PAN {orh€Nise erehpton cefifr€iB by lT suthont6)lDP D Crienr lo, oP Nane:

f. Bank a.6unt oela Le: a.dg Try R*ldency C€diricEhft. turon or roo ents E drfli ro su's€aor ( ) ol ssto1 33 ol fie conpa.fs a.i2013 wfiich !r ED(ldued b.l@

@ na*es d dbeb naki.s ar appt@tbn in a idllious hdm to 6 @n9ahv tat aclukngtst+attuhgt t, E sare'qlb) mkrs t .b.E na*kg af ntttaot apptcations lo . Nnpat v i.

P|iwto|'1..ah]iailld

rone qlta5'q:

ANNEXURE 3: BOARD RESoLUTION

ANNEXURE': SHAREHOLDERS RESOLUTION

AINEXURE 5r CORPORATE GUARAITEE AND PERSONAL GUARAIITEEtEr{cLosEDl